The cost of gas in Europe has increased by 24% amid the conflict between Israel and the United States with Iran

Gas prices in Europe rose sharply by 24% against the background of the Israeli and US military operation against Iran. This was reported on March 2 by Bloomberg, citing data from the London ICE exchange.

The reason was the almost complete shutdown of shipping through the Strait of Hormuz, a key energy route through which about a fifth of the world's liquefied natural gas exports pass. Oil has also risen in price.

"The next key question for traders is how long the strait will be closed. The longer it takes to open, the higher the price will be," said Tom Marzets—Manser, director of European gas and LNG at Wood Mackenzie.

According to Goldman Sachs, a month-long suspension of supplies through Hormuz could lead to a more than doubling of gas prices in Europe. The situation is complicated by low fuel reserves in the region before the summer replenishment season.

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The day before, the Strait of Hormuz in southern Iran, which is used for the passage of oil tankers, was completely closed by the Islamic Revolutionary Guard Corps (IRGC). Some major oil companies and leading trading houses have suspended the supply of crude oil and fuel through the Strait of Hormuz amid Israeli and US strikes on Iran.

On February 28, the United States and Israel launched a large-scale military operation in Iran. US President Donald Trump called it the goal of "protecting the American people." Israel and the United States have carried out numerous attacks on military and civilian targets in Iran, including a school in the city of Minab.

In response, Iran launched Operation True Promise 4 and attacked American military bases in the Middle East, as well as Israeli cities. The UAE, Bahrain, Iraq, Oman and other Persian Gulf countries were affected by the Iranian attacks.

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