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Gulf-Eurasian energy crunch pushes Europe to the edge of an inflationary crisis

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Gulf-Eurasian energy crunch pushes Europe to the edge of an inflationary crisis Submitted by Ilya Roubanis on Fri, 09/18/2026 - 17:18 Europe will be counting on luck as much as policy to face a mounting energy crisis fuelled by wars in Iran and Russia-Ukraine This photograph taken from Port-de-Bouc, southern France shows oil tankers in Martigues, on 25 March 2026 (Elodie Clement/AFP) Off Europe’s oil and gas supply is now disrupted by conflicts in both the Gulf and Eurasia. On Friday, Saudi Arabia told European refineries to not expect any crude oil deliveries next month. The continent will need as much good fortune as foresightful policy to withstand the evolving energy crisis. Conflicts on the periphery of the European Union, the Eastern Mediterranean, the Red Sea, the Straits of Hormuz, the Black and Caspian Seas have made it clear that Europe is not able to secure critical energy value chains. With shallow infrastructure in terms of strategic reserves for oil and gas, a dependence