Hostilities between the United States and Iran near the Strait of Hormuz have pushed Brent crude above $95 per barrel and European gas futures to three-year highs. Brent crude settled near $94.65 on September 1, 2026, while European natural gas futures exceeded 70-75 euros per MWh. Since March 2026, the conflict has added approximately $330 billion to global energy import bills, with Europe’s share at around $78 billion. Eurozone inflation has accelerated to 2.9-3.3%, with energy components showing double-digit annual increases. Europe’s vulnerability stems from its persistent energy dependency after abandoning Russian gas, especially as winter approaches.
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