Europe braces for energy price shocks as Gulf conflict tightens supply

The Gulf crisis disrupts Hormuz shipping, lifting global oil and gas prices and squeezing Europe’s energy mix. With depleted gas stocks, slow storage targets, and higher insurance costs for shipping, Europe faces higher bills for households and industry while scrambling to diversify away from Russian supplies. Renewables and energy security become EU priorities, but short-term relief remains elusive as markets reroute around blocked routes and strained LNG access.