The rise in oil and gas prices due to the conflict in Iran is expected to create inflationary tensions worldwide that will affect Europe and Spain, despite the region’s energy supply not depending on Gulf nations. The price of natural gas has exceeded 60 dollars and that of oil has reached 80 dollars, which predicts an impact on international prices, driven by restrictions on shipping in the Strait of Hormuz. The Minister of Economic Affairs, Carlos Cuerpo, stated that they are monitoring prices and are ready to act if it is necessary to implement measures to manage an increase. Raymond Torres, Director of Economic Situation at Funcas, has commented that gasoline and electricity prices will serve as indicators of government intervention. Funcas estimates that inflation in Spain will average 2.4% by 2026, assuming the price of oil remains at 65 dollars per barrel; however, this figure rises to 3% if oil reaches 80 dollars.
The rise in oil and gas prices heralds a spike in inflation in Europe and Spain.
