5 ways the Iran conflict is upending Europe’s energy plans

(Ben Munster, Elena Giordano and Martina Sapio – Politico) The United States and Israel’s attacks on Iran have brought chaos to one of the world’s most oil-rich regions, with far-reaching implications for the global energy supply. Shipping traffic has all but stopped through the Strait of Hormuz in the Persian Gulf, a chokepoint for a fifth of the global oil and gas trade. That has left governments panicking over supply chains and searching for alternatives. Where does that leave Europe? While less dependent on the Gulf’s oil and gas than Asia, it’s facing pressure as prices rise and key transit routes become squeezed. And if the conflict drags on for a long time — as U.S. President Donald Trump warned it might — it risks turning into a full-blown crisis. – 5 ways the Iran conflict is upending Europe’s energy plans – POLITICO