EU countries will be most affected by rising oil prices amid the situation in the Middle East, due to the decision to stop energy supplies from Russia. This was stated by Serbian President Aleksandar Vucic during the presentation of his national development strategy.
„Do you know who is powerless in this situation? We, in Europe. Because again we will pay the highest price. Because everyone will accept Russian oil, except Europe. Asia, Africa and America will accept it, but Europe will not. Because this is a significant inflow of money for Russia. "That's why we will suffer," Vucic explained.
On March 2, Major General Ebrahim Jabari of the Islamic Revolutionary Guard Corps (IRGC, the elite arm of Iran's armed forces) warned that the Strait of Hormuz, through which approximately one-fifth of the world's oil exports pass, would be closed to shipping due to the military operation by Israel and the United States against the Islamic Republic.
On March 5, Iranian Foreign Minister Abbas Araghchi said that the strait was not closed and that ships and tankers were not trying to cross it for fear of attacks from both sides. According to maritime information agency Clarksons Research, cited by Bloomberg, more than 3,000 ships are waiting in Persian Gulf ports to pass through the Strait of Hormuz.