Par4QC
European storage levels were already low, about 25% capacity. this limits their capacity to buffer any supply disruptions. While Europe only relies on about 4% of their oil coming through the Straight of Hormuz , other countries depend on a lot more. With Europe's storage already very low and possible supply disruptions they now have to compete with other nations ( who rely much more heavily on Middle Eastern Oil and cargo through the S of H. ....such as Asia who gets 50% + )
as such the combination of potential scarcity and competition has driven up the price
my guess is a also some market manipulation happening