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Iran oil shock: the EU has very few options to limit the war’s economic impact – and prevent a recession

By Sergi Basco, Profesor Agregado de Economia, Universitat de Barcelona

After the US and Israel began their military strikes on Iran on February 28, oil and gas markets were plunged into chaos and energy prices shot up. As of today, Brent Crude Oil prices are 20% higher than in late February. They went from around $70 a barrel in late February to quickly surpassing $100, before falling to around $90 on March 10. The main reason for the fall was Donald…

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