"With the war in the Middle East escalating and the Strait of Hormuz closed, a major share of global energy supply is at risk. Europe is especially exposed because EU had already banned Russian energy imports. Now the conflict in the Middle East is cutting global supply as well. When supply shrinks, prices rise. Europe is therefore facing the risk of dramatic price increases."
"Iran's top clerics named Mojtaba Khamenei as next supreme leader. Khamenei takes on role as both head of political leadership and country's armed forces. Oil prices soar to highest level in nearly four years as countries cut oil output."
EU leadership including Von der Leyen, Costa, and Kallas scheduled a video conference with Middle East leaders to assess the regional situation. Iran's top clerics appointed Mojtaba Khamenei as the next supreme leader, consolidating both political and military authority. Oil prices reached their highest level in nearly four years, exceeding $100 per barrel, driven by escalating conflict and reduced oil output. Hungary's Foreign Minister Peter Szijjarto urged the EU to lift its ban on Russian oil and gas imports, arguing that combined Middle East instability and existing sanctions create severe energy supply risks for Europe. The closure of the Strait of Hormuz compounds global energy supply concerns.
Read at www.dw.com
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