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Cargo ship at the Strait of Hormuz

Video. EU cuts GDP forecast as Strait of Hormuz crisis pushes inflation up

Updated: 21/05/2026 - 12:52 GMT+2

The EU has downgraded its 2026 economic growth forecast after the Strait of Hormuz crisis sent energy prices sharply higher earlier this year. With no end to the conflict in sight, rising energy costs are fuelling tensions among member states calling for additional fiscal support measures.

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