WSJ pointed to the risk of an energy shock in the EU due to the escalation in the Middle East

A sharp rise in oil and gas prices against the background of the US and Israeli military operation against Iran could seriously affect the economies of European countries, but the European Union (EU) does not have the capacity to mitigate the possible consequences of the so-called energy shock. This was reported on March 15 by The Wall Street Journal (WSJ).

"The energy shock caused by the war in the Middle East will deal a devastating blow to the European economy. This will come as a bitter surprise to the region, which had hoped to accelerate growth this year after a long period of stagnation that angered voters across the continent.

According to the publication, in 2022, when energy prices in the EU rose sharply after the refusal to import Russian energy resources, European governments allocated billions of euros to support the population and companies. Now, as the newspaper notes, the authorities no longer have such financial resources.

In addition, British economist Neil Shearing believes that with an increase in the price of oil above $125 per barrel and an economic growth rate of about 1%, the European economy may face a recession.Газета.Ru ".

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The WSJ also stated on March 15 that the heads of the largest oil and gas companies in the United States had warned the American authorities about a possible energy crisis amid escalation in the Middle East. It was noted that Iran's blocking of the Strait of Hormuz could lead to sharp fluctuations in the global energy market.

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