Rising oil and gas prices intensify inflation, putting renewed pressure on the European economy

With the ongoing tensions in the Middle East and rising energy supply risks, international oil and gas prices have recently increased again, impacting areas such as European inflation, household consumption, and business operations, and bringing new challenges to the recovery of the European economy. European Central Bank economist Kristina Barouskaite Grishkaite recently pointed out that the rise in energy prices is an important driver of the current rebound in eurozone inflation, and this round of energy shock is closely related to the Middle East conflict and obstacles to navigation through the Strait of Hormuz. Industry experts warn that if factors such as liquefied natural gas supply disruptions, lower-than-expected winter temperatures, or insufficient renewable energy generation overlap, Europe's energy market could face even greater pressure. (Xinhua News Agency)