Eurotopics.net

The conflict in the Middle East is pushing up oil and gas prices. Threats from Iran have paralysed maritime traffic through the Strait of Hormuz, with tankers piling up on both sides. After deliveries from Qatar were suspended the price of liquefied natural gas (LNG) on the Amsterdam stock exchange jumped from below 32 euros on Friday to more than 62 euros per megawatt hour on Tuesday. Europe's press looks at the short-, medium- and long-term consequences.

Europe is casting about for an appropriate response to the US and Israeli attacks on Iran. Germany, France and the UK have criticised Tehran's counter-strikes on countries in the region, while the EU has called on all sides to show restraint. "The developments in Iran are extremely worrying," EU Commission President Ursula von der Leyen said. Commentators are more vocal.

The war in the Middle East also has implications for Russia: on the one hand Tehran is a Kremlin ally and supplied Russia with drone technology in particular at the beginning of the war in Ukraine. On the other hand the looming shortages of oil and gas on the global market give Russia an opportunity to increase its earnings on energy exports, which have been restricted by sanctions. The media weigh up the pros and cons.