Europe is facing a serious energy crisis caused by the conflict between Iran and Israel, with direct US involvement, echoing the scenario from the Russian invasion of Ukraine.

Gas prices on European exchanges surged by more than 25 percent following attacks on Qatar\u2019s Ras Laffan infrastructure, while oil is trading at around 113 dollars per barrel. Current prices are more than double the levels before the conflict began.

After 2022, the EU rapidly reduced its dependence on Russian oil, gas and coal. Today, only about 2 percent of oil imports come from Russia. But America has become a key pillar of European energy security - European imports of American liquefied natural gas account for approximately 57 percent of total EU imports. Germany imports 96 percent of its LNG from the US.

This dependence carries political consequences. European leaders are considering emergency measures including price caps and tax cuts, but there is growing concern that high energy prices will strengthen populist parties.

The crisis has reopened divisions over climate policy. Belgian Prime Minister Bart De Wever called for normalizing relations with Russia for access to cheaper energy, and similar ideas are circulating in parts of German industry.