Greece "feels" the effects of the Israel-Iran war - Electricity and fuel prices increase in the country
Greece is starting to feel the first effects of the Israel-Iran conflict. Gasoline prices are expected to rise by 2 cents and diesel by 3.6-3.8 cents per liter, as companies and station owners will pass on the additional cost of supplies to consumers.
The increase in gas prices also brings about higher electricity prices. In Greece, wholesale electricity prices increased by 40%, with one MWh rising to 91.93 euros. Significantly higher increases were recorded in France (102.8%), Germany (31%) and Hungary (51%).
Fears of a new energy crisis in Europe are growing as tension escalates in the volatile Middle East region and critical energy infrastructure for supplying the global market is at the center of the Israel-Iran military conflict.
Since last Friday, with the first Israeli attacks on Iran, oil and natural gas prices have increased significantly (7% and 6%, respectively) and electricity in Europe's wholesale markets has become more expensive.
Any further escalation in the Middle East, according to analysts, could push up fuel prices and trigger inflation, especially in energy-dependent regions such as Europe and Asia, with JPMorgan warning that an escalation in the region could push crude oil prices as high as $130 a barrel.
Concerns center on the possibility of a full or partial blockage of the Strait of Hormuz, through which 21% of the world's LNG and 14 million barrels of crude oil pass each day. Blocking this shipping route, or even limited disruptions, could cause significant volatility in LNG prices, as it would affect both Qatari and Saudi Arabian exports.
However, international and domestic analysts agree that it is unlikely that Iran would take such a move, because it would turn against China, which supplies it through the Strait of Hormuz, as well as Saudi Arabia, which channels significant amounts of fuel to the global market through the waterway.
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