Europe is living through a state of maximum alert and rising tensions that have put it on hot coals, driven by geopolitical, military, and economic files that have reached their peak. The most prominent drivers of this blazing scene are as follows: a suffocating energy crisis and a race against winter. The latest military tensions between the United States and Iran over the Strait of Hormuz triggered a wild surge in European gas prices, reaching 80 euros per megawatt-hour. This sudden spike threatens to bring inflation back and puts the continent’s reserves (estimated at 65%) under severe pressure ahead of the onset of the heating season.
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