The central bank of Greece warned of a recession in Europe with oil prices above $150

A protracted conflict in the Middle East and a possible spike in energy prices could trigger an economic downturn in European countries. This was announced on April 1 by the head of the Central bank of Greece, Yannis Stournaras.

"Now no one is saying that we are definitely in for a recession. But if the war with Iran continues, if we consider scenarios in which oil prices exceed $150 per barrel, then nothing can be ruled out, even a recession," Stournaras told Reuters.

Currently, European countries are already facing difficulties in the energy sector. The restriction of ship traffic through the Strait of Hormuz has led to a reduction in fuel supplies and an increase in its cost in the domestic market of the region.

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On April 1, European Commissioner for Energy Dan Jorgensen called on EU countries to prepare for a possible energy crisis that threatens them. Its duration and "depth," as he explained, are still difficult to predict.

A day earlier, he pointed to a 70% increase in gas prices in the EU since the beginning of the war, which the United States began by spoiling Iran. At the same time, the price of oil also increased by 60%. The European Commissioner stressed that even if the United States signs peace with Iran in the near future, energy prices will not return to their previous levels, as the region's infrastructure has been destroyed.

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