ROME, June 15. /TASS/. The escalation of the conflict between Iran and Israel will negatively influence the global economy due to growth of energy prices, president of the Nomisma Energia analytical company Davide Tabarelli told TASS, adding that Europe will be affected the most as gasoline prices will rise there as early as next week.
"We will see gradual growth of gasoline prices, an increase in electricity bills as the increase in the markets has already occurred," he said. This growth has been "moderate" so far, with current prices ($75 per barrel) being much lower than those reaching peak levels of $120 in March 2022, and the highest level of $140 in 2008, the expert added.
"This crisis affects exporters from the region the most. There is a risk of a reduction in exports, which inevitably leads to higher prices," he noted. The closure of the Strait of Hormuz would have the most dramatic consequences as 30% of the world's LNG supplies and up to 20% of global oil exports pass through it. Up to 20 mln barrels of oil flow through it each day, which is equivalent to one fifth of the world's total volume, Radio-1 said.
Overnight into June 13, Israel kicked off Operation Rising Lion aimed against Iran’s nuclear program. The Israel Defense Forces said that 200 fighter jets attacked more than 100 targets in Iran, including nuclear facilities.
On the evening of June 13, Iran’s Islamic Revolutionary Guard Corps announced that Iran retaliated by attacking dozens of targets in Israel with missiles, including military facilities and air bases, striking, in particular, the Defense Ministry in Tel Aviv. Israel said some targets were hit but most of the missiles were intercepted.