The emergence of war in Iran and the blockade of the Strait of Hormuz are reshaping global dynamics, impacting both the energy market and the wallets of Europeans. In an interview with Davide Tabarelli, president of Nomisma Energia, it is highlighted that the energy market is witnessing a historic crisis due to this blockade which has never been successfully executed in the past. The price of Brent crude oil has already surged to $92 per barrel within the first week of conflict, indicating a sharp increase in oil prices that could escalate further.

Tabarelli warns that the potential for prices to reach up to $200 per barrel is plausible if the conflict prolongs, as the Strait of Hormuz is a critical chokepoint for global oil production, accounting for 20% of the world's output. The unprecedented nature of the blockade could lead to severe consequences not just for the energy market but also for economic conditions in Europe, where consumers are likely to feel the strain of rising fuel costs. With current trends in mind, the urgency to resolve the conflict becomes even more pronounced to prevent further escalation.