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.