Europe could face an economic crisis if the war in Iran lasts longer than the timeframe Trump announced, Bloomberg reports

Europe could face an economic crisis if the war in the Middle East drags on longer than the one month announced by U.S. President Donald Trump.

Bloomberg reports this.

According to experts, the European Union is the most vulnerable major economy to the consequences of a war with Iran because of its dependence on Middle Eastern oil and gas. This year the EU had been expecting moderate economic growth and inflation.

“If the conflict is short-lived and energy prices rise only briefly, the damage will be limited. But a prolonged war that keeps oil and gas prices high could force governments to spend more to shield voters from rising costs and put pressure on incumbent leaders,” analysts say.

Some experts believe Trump will try to prevent a sustained rise in energy prices, which could hurt him as well ahead of U.S. elections.

Iran also has strong reasons to avoid excessive tension in the Strait of Hormuz, since China—its main ally alongside Russia—depends heavily on this sea route for oil imports.

As previously reported, due to the war in the Middle East fuel is becoming more expensive in Ukraine, and gas prices are rising in Europe.

Western media also say that, amid the events involving Iran, the world faces the biggest oil crisis in a long time.