The U.S. and Israeli military strikes on Iran have rattled global energy markets and could push up prices for oil and gas, raising the prospect of higher fuel costs and inflationary pressures in Croatia and across Europe.
Energy analysts say the strategic Strait of Hormuz — through which about 15–20% of the world’s crude oil and significant volumes of liquefied natural gas (LNG) transit — is under threat from potential closure as tensions rise, a development that would tighten already fragile global energy supplies and drive prices higher.
European natural gas prices have already climbed more than 20% as markets react to supply concerns, while oil futures surged sharply following the outbreak of hostilities, reflecting investor anxiety over transport route disruptions.
Croatia, a net importer of energy, could feel the effects through higher costs at the pump and in industrial energy bills. Analysts note that domestic gas storage levels are relatively low at the end of the heating season, potentially exposing consumers to higher prices if global LNG and pipeline supplies tighten.
Some energy exporters, particularly the United States and Russia, stand to benefit from higher global oil and gas prices, while major Gulf producers face production disruptions as regional infrastructure comes under strain.
European policymakers have moved to assess supply security risks, and the European Commission has signalled that contingency meetings will be held to coordinate responses to possible energy disruptions linked to the conflict.
Global oil markets have already reacted to the conflict: Brent crude has jumped by about 10% in recent trading, and analysts warn prices could hit $100 a barrel if the Strait of Hormuz remains effectively closed to tanker traffic.