Despite the major fall in oil prices after the US and Iran confirmed a two-week-long ceasefire, Europe may not yet breathe a sigh of relief due to the long-lasting impact of energy supplies on which the bloc heavily relies.
The Iran war and the de facto closure of the Strait of Hormuz have triggered the largest supply disruption in the history of the global oil market, according to the International Energy Agency (IEA). The strikes on Gulf facilities are expected to have a multi-year impact on gas supply.
