Europe faces energy crisis as Iran conflict threatens fuel supplies and oil prices surge

Millions of UK households face dangerous energy shortages and significantly reduced disposable income; Spanish motorists experiencing panic buying and service station closures.

In the final weeks of winter, Europe confronts a reckoning long deferred: decades of underinvestment in energy infrastructure have left the United Kingdom with barely two days of natural gas reserves as conflict in Iran closes the Strait of Hormuz and silences the world's largest LNG facility. What was once managed as a geopolitical abstraction — dependence on distant chokepoints — has become a domestic emergency, with oil approaching $100 a barrel and ordinary households across Britain and Spain absorbing the first tremors of a disruption economists compare to nothing seen since the Cold War.

Europe faces energy crisis as Iran conflict threatens fuel supplies and oil prices surge

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