Direct trade between the EU and Iran is minimal due to sanctions, with imports from Iran making up only 0.03% of total EU imports. The Gulf region's instability, particularly the Strait of Hormuz, poses risks to Europe's economies, affecting oil and gas prices. In 2023, significant amounts of oil and LNG transit through this strait, impacting EU energy imports. Higher energy prices could lead to inflation and slow economic growth in Europe, with potential increases in household energy costs. Major oil imports come from the Middle East, with Germany, Spain, and Italy being the largest importers within the EU. G7 countries have agreed not to turn to Russian oil despite economic pressures, emphasizing solidarity with Ukraine. Teljes cikk (Euronews.com)