00:01Despite a sharp fall in oil prices after the announcement of a two-week-long ceasefire between Iran and the
00:08United States,
00:09Europe may not yet breathe a sign of relief.
00:11As oil prices continue to fluctuate based on the ongoing events,
00:16the International Energy Agency has said the Iran war and the closure of the Strait of Hormuz
00:21have triggered the largest oil supply disruption in history.
00:24Even if the war was to end now, a rapid fall in gas and petrol prices in Europe is unlikely
00:30due to a cut of oil production in Gulf countries and an increase in war risk insurance premiums and tanker
00:37freight rates.
00:38Prices for next month's delivery of Brent crude rose from around $72 per barrel before the war to nearly $120
00:46at their peak.
00:48Even after the ceasefire, the price was around $93 on Wednesday.
00:52The European Union imports around 80% of its oil, according to Eurostat.
00:57The United States is its largest supplier, followed by Norway and Kazakhstan.
01:02To limit price increases, ministers from Italy, Germany, Spain, Portugal and Austria
01:08have asked the EU to consider a tax on excess energy profits.
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