Europe's Unprecedented Energy Crisis Looms if Iran War Persists: 'Things That Don't Let Me Sleep'
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Europe Fears Unprecedented Energy Crisis as Iran War Threatens Fuel Supplies
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Firstpost•01-04-2026, 17:21
Europe Fears Unprecedented Energy Crisis as Iran War Threatens Fuel Supplies
•Europe faces an unprecedented energy crisis if the Iran war continues, potentially reshaping its economy for a generation.
•The Strait of Hormuz closure, accounting for 20% of global oil and gas flows, has caused alarm, with Europe preparing for a shock worse than previous crises.
•Asian nations are aggressively outbidding European buyers for energy, redirecting LNG tankers from Europe to Asia.
•Jet fuel prices have doubled, leading airlines like Lufthansa to consider grounding aircraft; factories face severe disruptions due to high energy costs.
•The EU faces stagflation with projected 1% growth and rising inflation, while an immediate ceasefire would still require a year for recovery.