Energy prices are soaring globally after Israeli strikes on Qatar's South Pars field and Iranian attacks on a major Qatari industrial complex. This has had the strongest impact on European gas prices, which have doubled in just one day. The situation is driven by the sudden lack of Qatari gas supply and the closure of the Strait of Hormuz, plunging the world into an energy crisis.
US President Donald Trump's reaction has been surprising. Initially involved in coordinating with Israel, Trump later shifted blame to the Israeli side. While Israeli officials confirmed US cooperation, the Trump administration denied direct involvement. At the same time, the US Treasury Secretary proposed lifting some sanctions against Russia and Iran to stabilize the energy market. This benefits Russia and Iran, enabling them to increase revenues and strengthen their positions.
By lifting sanctions, the US administration created new challenges, complicating the resolution of the Russia-Ukraine war and allowing Iran to finance additional military programs. This approach raises doubts about the competency of US leadership and increases global security risks, especially given the likelihood of a protracted military conflict in the Middle East. Meanwhile, Russia and China are exploiting the crisis to weaken the US and boost their own strategic positions.
The world now faces the threat of prolonged war and a deep economic crisis with unpredictable consequences for major players, including Ukraine, the US, Russia, and China. Decisions by the Trump administration could have devastating implications for stability in the Middle East and across the globe.
