The Middle East conflict pushed Brent crude oil prices above $107 per barrel, the highest levels since March 2024. Before the conflict erupted, prices stood at $72 per barrel.

The Strait of Hormuz, through which approximately 20 percent of global oil consumption passes, is effectively blocked for commercial traffic. Iran holds approximately 10 percent of the world's 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 facing a larger supply disruption.

Europe, which is primarily an oil and gas importer, is facing direct consequences — higher energy prices increase costs for households and industry. Economists warn that a prolonged blockade of the Strait could trigger recessionary pressures on the European continent.