Energy in Europe is also at stake as Israel-Iran conflict escalates

Rising European energy prices are among the many risks of the current geopolitical crisis, which threatens to block one of the world’s most important fuel shipping routes. Coupled with the trade war sparked by US tariffs, there are fears that the crisis may also drag down the global economy. The World Bank is expecting 2.3% growth for this year, after a 2.8% reading in 2024.