The global economy is "chaotic" and "has no quick way out" for the situation in the Strait of Hormuz, EU Chief Representative for Foreign Policy Kaja Kallas said.
The blockade of Hormuz causes strong market fluctuations. The European Union (EU), which imports about 75% of aviation fuel from the Middle East, is heavily affected by the closure of the Hormuz Strait. This waterway route transports about 20% of global liquefied natural gas (LNG), oil and aviation fuel by sea. In mid-April, International Energy Agency (IEA) CEO Fatih Birol warned that Europe will only have enough supply for a few weeks.
Brussels also sharply increased LNG imports from Russia in the first quarter of 2026, according to the Financial Times.
In recent weeks, Russia has expanded its customer list, while increasing supply to traditional customers such as India.
Indonesia will soon begin receiving crude oil from Russia and is expected to reach 150 million barrels by the end of this year, Indonesian Energy Minister Bahlil Lahadalia informed last weekend.
Japan has also sought Russia to meet fuel demand. Oil refinery Taiyo Oil has purchased a batch of Russian crude oil from the Sakhalin-2 project, according to TASS. The first batch is expected to arrive in Japan next week.
Last month, the Philippines received the first Russian oil block in 5 years, after declaring a state of emergency on energy. Russia is also conducting energy negotiations with Thailand.
