By Nektarios Michail and Kyriacos Lambrias
Since the outbreak of the war between US and Iran and the subsequent intermittent closure of the strait of Hormuz, ship crossings have been down around 90 per cent compared to pre-war levels causing oil prices to nearly double compared to 2025 levels. As a result, of these higher energy prices, inflation has increased, with the European Central Bank (ECB) June 2026 macroeconomic projections showing that Eurozone inflation is expected to average at 3 per cent over 2026, from 1.9 per cent in its December 2025 projections, with energy inflation revised to 8.4 per cent from -1 per cent in December.
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