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European governments are once again facing mounting pressure to impose windfall taxes on oil and gas companies after the continent’s biggest energy firms posted soaring first-quarter profits driven by the Middle East conflict and the resulting spike in global energy prices. Major European energy companies benefited heavily from volatility in oil markets following disruptions linked to the war involving Iran. The instability sent crude prices sharply higher and created luc

Consumer prices in the United Kingdom rose at a faster pace in March, with annual inflation climbing to 3.3% from 3% the previous month, as escalating conflict in Iran triggered a sharp increase in energy costs. The latest figures from the Office for National Statistics matched expectations but have led markets to rethink the likelihood of an imminent interest rate cut by the Bank of England, which now appears increasingly unlikely. The rise in inflation was driven primar

ENI and Egypt have revealed a substantial natural gas discovery in the Eastern Mediterranean, a development that could provide much-needed relief for Cairo and potentially support energy supplies in Europe as the ongoing Iran war continues to drive up import costs. The Italian energy group confirmed the find in a statement on Tuesday, highlighting its significance at a time when energy markets remain under intense pressure. Initial estimates suggest the Temsah field, located

Inflation expectations across the eurozone could accelerate more rapidly than in previous periods, and the European Central Bank must be prepared to respond decisively with interest rate increases if sustained price pressures begin to take hold, policymaker Dimitar Radev has cautioned. The surge in energy prices driven by the ongoing Iran war has already pushed inflation well beyond the ECB’s 2 percent target, prompting internal debate over whether tighter monetary policy is

Stock markets in the United Kingdom and the United States rebounded on Wednesday, while several Asian markets continued to slide, as investors reacted to ongoing volatility in oil and gas prices driven by fears that the escalating conflict involving Iran, the US, and Israel could become prolonged. The FTSE 100, which tracks the largest companies listed in London, posted gains alongside major American and European indexes after two consecutive days of declines. In contrast

Crude oil prices jumped in early trading on Monday as markets reacted to intensifying tensions in the Middle East and the potential disruption to global energy supplies. Investors weighed the economic consequences of coordinated US and Israeli strikes on Iran, followed by swift retaliatory actions from Tehran that targeted assets across several countries in the region. At the start of trading, the price of US benchmark crude briefly spiked by around 8% before easing sligh

Cyprus has once again increased the proportion of renewable energy in its gross final energy consumption, according to the latest data released by Eurostat, underscoring steady progress in the country’s energy transition at a time when the European Union as a whole continues to lag behind its long-term climate objectives. Eurostat data show that renewable sources accounted for 25.2 per cent of gross final energy consumption across the EU in 2024. This represents a rise of 0