The identification was made by European Union leaders (EU) in the meeting framework of the EU Financial Ministers (Eurogroup) at Levokosia (Cyprus) last week.

Early 2026, Brent oil started trading around 60 dollars per barrel and under $75 per barrel at the time before Iran's war. Brent and WTI oil are currently trading around 98 dollars and 91 dollars per barrel.

While, the price of future gas in Europe on the Dutch TTF floor is currently at 46,68 euro (2006) hours, rising nearly 57% over three months ago.

EU Valdis Dombrovskis Economic Commissioners predicts inflation of this year's block at 3.1%, significantly higher than previous estimates of 1,9%. The main cause of the price of oil and gas has increased since Iran's conflict.

Sang 2027, inflation is expected to reach 2.4%, due to the energy prices still anchored. "We predict energy inflation gradually affects other areas of the economy," said Dombrovskis, adding.

  • The LNG floated in Wilhelmshaven City, Germany, November 15, 2022. Image: Reuters*

European Central Bank Chairman (ECB) Christine Lagarde stressed the assurance of oil reserves for EU to meet the possible needs. According to her, even if the conflict ended immediately, "the late impacts" would still cause the price of goods to remain high.

"It is possible that price-face would still be higher at the end of the crisis," she said. According to her, the ECB will take "all the measures necessary" to maintain price stability, by closely monitoring the impact of the initial economic shock caused by high energy prices.

"We will continue to pursue data-based approaches and reviews in every meeting to determine the best-suited monetary policy stance to achieve a 2% rate inflation goal," she said.

Kyriakos Pierrakakis, the Eurogroup Chairman - the group representing the financial minister 21 countries member of the euro field, claimed that the end of the crisis in the Middle East had to mean that the shipping operation was to be free to return without any fee to travel through the Hormberg Channel.

Ship An (2010)