The ongoing conflict in the Middle East, particularly related to Iran, is expected to cause a significant hike in gasoline and diesel prices, potentially exceeding 1.60 euros per liter. This situation arises as energy market tensions are at their highest since the Russian invasion of Ukraine in 2022, which significantly impacted global energy supplies. Analysts are warning that if the crisis persists, it could lead to soaring prices for gas and electricity in Europe, triggering a new cycle of inflation as businesses pass on these costs to consumers.

Furthermore, the possibility that the conflict could disrupt oil routes, especially through the strategic Strait of Hormuz, exacerbates the potential for an economic crisis similar to that experienced in 2022. Ugne Keliauskaite from the Bruegel economic think tank notes that the duration of the conflict will heavily influence whether it escalates into a crisis of that magnitude. Moreover, economist Michal Lehuta from VÚB underscores that a prolonged conflict could lead to inevitable increases in interest rates as central banks react to rising inflation and spiraling costs.

Thus, this article addresses critical energy-related questions for Slovakia in light of the Iranian crisis, focusing on how rising fuel prices may translate into increased costs for electricity and potentially affect mortgage interest rates. The overall consensus among experts is that while immediate effects are already visible, the full economic ramifications will depend on the length of the conflict and its consequent impact on energy supply chains.