Europe, "targeted" in the crisis after Asia - Energy shock/ What does the closure of the Strait of Hormuz bring?
The oil crisis that is affecting Asia due to the war in the Middle East warns of difficult times for Europe as well, with the economies of countries on the Old Continent exposed by the conflict.
The oil shock is already hitting Asia, where factories are cutting output to save energy and gas stations are selling only limited amounts to drivers to ensure supplies. Economists say it is a sign of what will happen in European countries that also depend on imports from the Middle East.
Iran's blockade of the Strait of Hormuz has hit global oil supplies, with global oil supplies 10% below pre-war levels, according to Oxford Economics. The strait is also a major shipping route for liquefied natural gas, which many countries, including Europe, rely on for electricity and fertilizer production.
Even if the conflict ends, that doesn't mean Iran will immediately reopen the Straits. Delays in the transportation chain will further restrict supplies, as will damage from the war to critical energy infrastructure in the Persian Gulf.
That leaves Europe and many African countries dangerously exposed, the US newspaper warns. The US, a net energy exporter, is less likely to experience shortages, even as higher gas and fuel prices hit consumers.
With fuel prices in Asia already high due to its proximity and trade ties to the Middle East, Europe could be the next to see such a crisis hit harder, the report notes. Across the European Union, gasoline prices have already risen by 15% and diesel by 30%. Natural gas prices have also risen by more than 50% across the continent.
Most of the energy shipments that started in the Persian Gulf before the war have now reached Europe and entered the system. New shipments are much fewer. In addition, some companies have diverted fuel shipments to Asia, where prices are now higher and profits are greater.
European countries import relatively smaller amounts of liquefied natural gas and oil from the Persian Gulf than other continents, but depend on the region for petroleum-based products, such as jet fuel.
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