Tensions escalate after naval conflict in Strait of Hormuz, UAE oil fire

Tensions are escalating following a naval conflict in the Strait of Hormuz between the US and Iran, with reports of Iran attacking a US Navy warship and the US sinking Iranian small boats. Europe is preparing for the worst-case scenario, as EU finance ministers discussed the impact of the Strait of Hormuz blockade and President Trump's tariff threats. The oil fire in the UAE further exacerbates global economic concerns.