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The US has imposed new sanctions targeting the Cuban military-run conglomerate GAESA, coinciding with UN experts condemning Washington's fuel blockade as 'energy starvation'. The measures include executive president Ania Guillermina Lastres Morera and a joint venture with Canada's Sherritt International, which has suspended Cuban operations.
The US-Israel war on Iran, which began in late February, has caused a global oil supply shock, sending energy costs soaring across Africa. Oil-exporting nations like Nigeria reap huge profits while import-dependent countries like Kenya struggle. Eric Wainaina, a Nairobi motorcycle taxi driver, has seen his monthly earnings halve as fuel prices rose and passenger demand fell.
US gas prices have surged 50% since the US and Israel launched military operations against Iran, with the average reaching $4.48 per gallon. A blocked Strait of Hormuz has exacerbated global energy shortages, driving crude oil prices higher. Despite a brief ceasefire in April, prices continue to climb, fueling inflation and political pressure on President Trump.
The global economic crisis is inflating fossil fuel profits. Taxing these windfall gains could help nations survive and build resilience to shocks. Windfall taxes on energy companies can fund assistance for vulnerable households and accelerate the clean energy transition.
The Strait of Hormuz, a global energy artery, is effectively blocked after the U.S. and Iran imposed tit-for-tat bans. It is one of the most notable modern naval blockades, alongside historic sieges from Gaza to Biafra. The tactic of naval blockade, which cuts off an enemy's supplies without ground invasion, has a long and often devastating history.
