Rising Oil Prices and Their Repercussions on the European Economies in Light of the US - Lranian conflict in the Middel East

Abstract

This study aimed to discover the economic effects of rising oil prices on European economies resulting from the recent war in the Middle East (February 28, 2016), which led to numerous political, economic, and security repercussions not only in the Middle East but also globally.
The study concluded that the war in the Middle East led to a sharp increase in oil and gas prices, which negatively impacted European economies in terms of inflation, energy security, disruption to oil and gas supply chains, and geopolitical shifts. This necessitates that European countries work together to diplomatically halt the war, find alternative energy sources, and strengthen their diplomatic role.