Amr Al-Muniri, Cairo News Channel correspondent from Brussels, said that Europe is facing a new energy crisis, the spark of which began with the military operations launched by the United States of America and Israel against Iran, and the subsequent almost complete cessation of shipping traffic in the Strait of Hormuz.
Al-Muniri pointed out on the Cairo News channel that this development led to an increase in the price of European gas by about 20% in just one day, amid weak reserves that do not exceed 30%, which is the lowest level in five years. Standard gas prices also exceeded 65 euros per megawatt hour, which is the highest level in three years.
Al-Muniri added that the European Central Bank was forced to postpone lowering energy prices, raise its inflation expectations, and lower its growth expectations. In Brussels, Ursula von der Leyen, the High Commissioner of the European Union, described the bill incurred by the European citizen in the first ten days since the start of the military operations as exceeding 3.5 billion euros, stressing that this is the price of relying on energy imported from the Middle East.
