Revolutionary Guard Declares Naval Zone; European Gas Prices Rise

The Iranian Revolutionary Guard Corps has announced its intention to establish a restricted maritime zone stretching from Chabahar to the Arabian Sea and the Arab Gulf, outside the Strait of Hormuz, in response to what it describes as American blockade. The new zone will include managing ship movements and preventing the passage of non-compliant vessels without coordination, with details of measures and coordinates to be announced later. This escalation occurs amid increasing tensions in the region and the repercussions of the Strait of Hormuz crisis, which are impacting energy markets. Natural gas prices in Europe have risen by 4.1% to unprecedented levels since the start of 2023, and there are warnings that ongoing disruptions to Gulf exports could prolong the gas supply crisis.

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