As Europeans prepare for increases in oil and gas prices, G7 countries have been asked to tax fossil fuel giants profiting from the war against Iran. Brent crude oil prices crossed the $100 mark again after attacks on cargo ships.
The Strait of Hormuz, a 38-kilometer passage between the Persian Gulf and the Sea of Oman, is one of the world's most important strategic chokepoints, with about one-fifth of global oil supply passing through it. Dozens of countries agreed to release 400 million barrels of oil from emergency reserves to the market.
Climate experts say the link between fossil fuels and wars demonstrates the necessity of relying on domestic clean energy, and governments should impose heavy taxes on windfall profits.
#Oil #Europe #Strait\_of\_Hormuz #Clean\_Energy #Fossil\_Fuels #G7
