economy
April 10, 2026
The Iran war exposes what the EU won’t admit
The supply shock brought on by the conflict is teaching Brussels a vital lesson – one it will have to learn sooner or later
TL;DR
- The Iran war has caused a major energy supply shock in Europe, described as the greatest threat to global energy security in history.
- Europe faces crippled manufacturing, grounded airlines, higher food prices, increased borrowing costs, and soaring inflation.
- Despite the crisis, Brussels maintains its stance on banning Russian energy imports, showing rigidity where flexibility is needed.
- Leaders in Germany and Central Europe (Hungary, Slovakia) are advocating for a return to pragmatic energy relations with Russia to avoid severe economic consequences.
- The current situation is pushing Europe towards stagflation, social unrest, and a growing distrust in leadership.
- The EU's reliance on refined products from the Persian Gulf, coupled with assertive bidding from Asian economies, has left Europe last in line for supplies.
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