FROM GERMANY TO SPAIN: HOW EUROPE’S BIGGEST ECONOMIES ARE WEATHERING THE OIL AND GAS SHOCK
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31.03.2026
EU Observer (30 March 2026)
Wester van GAAL
Europe is facing its worst energy shock since 2022.
Triggered by the US‑Israeli attack in February, Iran’s closure of the Strait of Hormuz removed roughly a fifth of global oil and liquid gas supplies from the market.
Benchmark oil prices have risen above €115 and EU gas prices up 70 percent compared with pre‑war levels. And Shell CEO Wael Sawan warned last week that physical oil shortages could already hit Europe in April.
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