• Iran's foreign minister warns the Strait of Hormuz remains open only to non-adversaries amid escalating US-Israel military actions disrupting shipping.
  • The vital waterway handles 20% of global oil shipments, with disruptions risking energy price spikes worldwide.
  • EU foreign affairs chief Kaja Kallas emphasizes diplomatic solutions over escalation, rejecting direct involvement in what she calls "not Europe's war."

Iran's Foreign Minister Abbas Araghchi held an urgent phone call with EU foreign affairs chief Kaja Kallas on Thursday, addressing what he described as "escalating tensions" in the Strait of Hormuz caused by recent US-Israel actions that have disrupted shipping lanes. According to people familiar with the matter, the conversation focused on preventing further deterioration of the security situation in one of the world's most critical energy chokepoints.

Araghchi emphasized during the call that the strait "remains open" but would be closed to adversaries, urging global condemnation of what Iran perceives as aggressions. This comes as the waterway, which handles approximately 20% of global oil shipments, faces increasing instability that could send energy prices soaring worldwide. Market analysts are already watching Brent crude futures closely, with some predicting a 15-20% spike if disruptions persist beyond the next 72 hours.

EU efforts appear focused on diplomatic solutions, with discussions underway about potentially extending the Aspides naval mission from the Red Sea to help secure transit and stabilize markets. Kallas stressed the importance of diplomacy over escalation in her conversation with Araghchi, according to sources briefed on the call. "This is not Europe's war," she reportedly told the Iranian minister, rejecting direct EU military involvement in the standoff.

The political context remains fraught. Iran has consistently blamed US-Israel military moves for the current crisis, while former President Trump has been pushing for a NATO-led naval coalition with limited international buy-in so far. Recent missile exchanges with neighbors like the UAE and Saudi Arabia have only intensified concerns about broader regional conflict.

Global stakeholders are bracing for potential energy shortages and higher costs that could hit consumers and industries hard. Public discourse in European capitals highlights growing fears of supply chain disruptions, though no major reactions beyond official statements have been reported yet. Attempts to reach spokespeople from the Iranian foreign ministry for additional comment were unsuccessful.

Looking ahead, short-term risks include prolonged shipping disruptions unless diplomacy prevails. Some experts point to the EU's Black Sea security model as a potential quick fix, but Iran's firm stance on adversary access limits optimism about immediate solutions. The situation remains fluid, with EU discussions about expanding the Aspides mission reportedly occurring just before the Araghchi-Kallas call.

*Correction: An earlier version of this article misstated the percentage of global oil shipments handled by the Strait of Hormuz. It is approximately 20%, not 25%.