Iran's closure of the Strait of Hormuz stranded over 150 ships and forced global trade onto longer, costlier routes around Africa. European gas prices surged 80% in response, pushing ArcelorMittal to pause steel offers while assessing energy costs. Shipping delays threaten to push imports past July deadlines, exposing buyers to sharply higher EU tariffs. While steel prices face immediate upward pressure, analysts warn that demand destruction from soaring household energy bills may ultimately cap any sustained rally, echoing the 2022 pattern.