"Europe is on the chopping block for this and clearly does not have the margin to take a second energy hit in such a short period of time," said Ipek Ozkardeskaya, senior analyst at Swiss bank Swissquote. Shipping costs have surged on the back of higher fuel prices as well. Peter Voser, chairman of Swiss engineering giant ABB , told Reuters a prolonged Gulf war would hit the global economy severely due to energy shortages and higher prices. He said if the conflict grinds on, he would have to pass on higher costs. Swedish outdoor tech firm Dometic has pulled its dividend, while Thyssenkrupp Steel Europe, the continent's second biggest steelmaker, said a sustained rise in gas prices would affect production costs.

Source: The Telegraph March 23, 2026 07:41 UTC