Rising European energy prices are among the many risks of the current geopolitical crisis, which threatens to block one of the world’s most important fuel shipping routes. Coupled with the trade war sparked by US tariffs, there are fears that the crisis may also drag down the global economy.
After the US launched a strike in Iran over the weekend, oil prices surged on further uncertainty. The price of Brent crude oil was trading at more than $77 on Monday morning, and WTI cost more than $74 a barrel.
