Heightened geopolitical risks stemming from attacks on Iran by the United States and Israel have triggered a significant surge in European natural gas prices. Analysts suggest the escalating situation in Iran is introducing new uncertainties and risks to Europe's energy market, potentially reigniting inflation in the region and further pressuring the economy.

According to reports, European natural gas prices have soared approximately 70% since the onset of hostilities. With passage through the Strait of Hormuz obstructed, transportation along this vital global energy corridor has been significantly impacted.

A senior fellow at the Bruegel think tank stated, "We may now be at the starting point of another energy crisis. This is a wake-up call for everyone."

Analysts point out that if the conflict persists, energy supplies from the Middle East could face further disruption, ultimately affecting European households and businesses, potentially leading to price increases for everything from electricity to food.

One analysis firm projects that if energy prices remain at current levels, the eurozone's inflation rate could increase by about 0.5 percentage points. Preliminary data showed the eurozone's annual inflation rate rose to 1.9% in February, up from 1.7% in January, intensifying market concerns about rebounding inflation.

Europe's natural gas supply structure also faces new uncertainty. Following attacks on two facilities, Qatar Energy recently indicated that its production would be affected. Reduced supplies could intensify competition between European and Asian buyers.

Currently, Europe is already experiencing difficulties replenishing gas storage, with inventories at only about 30% of capacity. Industry data indicates German storage facilities are approximately 21% full, a relatively low level for this time of year. Analysts note that while the peak winter heating demand has passed, making immediate shortages unlikely, replenishing stocks for the next winter will present greater challenges. The EU has planned a meeting of energy experts and requested member states to submit national energy reserve assessment reports.

The EU has committed to diversifying supplies to mitigate risks, including seeking new natural gas sources and developing solar and wind projects. Furthermore, leaders from several European nations have travelled to the Middle East to secure gas supply agreements and are promoting energy-efficient technologies like heat pumps through subsidies.

However, a professor of energy and climate policy stated that the overall situation has not significantly improved, and Europe remains heavily dependent on imported energy.

Experts highlight that energy remains a major structural challenge for the European economy. The EU relies on imports for approximately 58% of its fossil fuel energy. Following the Ukraine crisis, the EU reduced its dependence on Russian natural gas but significantly increased imports of liquefied natural gas from the United States.

Rising energy costs are already impacting European industrial competitiveness. Analysts believe that if natural gas prices climb further, operational pressures on European industrial firms are likely to intensify. This week, shares of major industrial companies were among the worst performers.