The Middle East conflict pushed Brent crude oil above $107 per barrel, the highest level since March 2024. Before the conflict broke out, prices were at $72 per barrel.

The Strait of Hormuz, through which approximately 20 percent of global oil consumption passes, is practically blocked for commercial traffic. Iran holds approximately 10 percent of global oil reserves and controls the zones through which critical shipping routes pass.

OPEC+ members reached an agreement on February 28 to increase daily production by 206,000 barrels starting in April, but this step failed to calm markets faced with a larger supply disruption.

Europe, primarily an importer of oil and gas, faces direct consequences — higher energy prices increase costs for households and industry. Economists warn that prolonged Hormuz blockade could trigger recessionary pressures across the European continent.