Europe could face fuel and energy shortages as early as April if traffic through the Strait of Hormuz is not restored, Shell CEO Wael Sawan warned at an energy conference in Texas, quoted by "The Guardian"
According to him, the oil and gas supply crisis, which began about four weeks ago, is already spreading globally. Initially, South Asia was the hardest hit, then the pressure shifted to Southeast and Northeast Asia, and in the coming weeks it is expected to reach Europe.
"South Asia was the first to be hit. "This has moved to Asia and will reach Europe by April," Sawan said.
Although oil prices have temporarily fallen to around $100 a barrel - after reaching $114 earlier in the week - uncertainty over supplies from the Persian Gulf remains high. The decline came amid reports that the White House had sent a peace plan to Iran.
Sawan warned that the crisis has already led to a sharp increase in the price of jet fuel, whose prices have doubled since the start of the conflict. Diesel is expected to be the next segment under pressure, followed by gasoline, especially as the summer season approaches and demand increases in the United States and Europe.
A similar assessment was made by German Economy Minister Katharina Reiche, who warned of a possible energy supply shortage in late April or May if the crisis deepens. She described Germany's decision to abandon nuclear power as a "serious strategic mistake" and stressed that increased imports of liquefied natural gas would be key to dealing with the situation.
Meanwhile, Chancellor Friedrich Merz also criticized the country's energy transition as "extremely expensive."
The risks are not limited to Europe. BlackRock CEO Larry Fink warned that with oil prices at $150 a barrel, the world could face a serious recession. In an interview with the BBC, he outlined two scenarios - a rapid normalization with de-escalation or a prolonged period of high prices.
The British government said the United Kingdom had a "diversified and sustainable energy supply" and was continuing to work with international partners to manage the situation.