BRUSSELS — Europe is bracing for a surge in energy prices from a prolonged conflict in the Middle East that would put more pressure on the bloc’s struggling economy and expose its near-total reliance on foreign fossil fuels.
Oil and gas shipments largely stopped flowing out of the Persian Gulf over the weekend following the U.S.-Israeli attacks on Iran, amid reports Iranian forces had warned ships against passing through the narrow Strait of Hormuz.
That won’t have an immediate impact on Europe as most of the oil and gas that passes through the Strait of Hormuz — which accounts for around 20 percent of the global oil trade — goes to Asia.
Still, choking supply will still push up global prices, analysts said, and that would have a direct effect on Europe. The Brent crude benchmark lurched up more than 9 percent in early trading Monday morning to nearly $80 a barrel, its highest level since June last year.
