Plenković says the coming crisis will be worse than in 2022

The Israeli-American attack on Iran has entered a new phase, as Israel has targeted the South Pars gas field in Iran. And while Washington is threatening to target Iran's oil infrastructure if it continues to block the Strait of Hormuz, which continues to wreak havoc on oil prices and global markets.

The Israeli-American war against Iran continues, with Israel also attacking Lebanon. US Central Command says it is continuing to strike deep into Iranian territory, while Tehran says it has downed an American F-35 stealth fighter jet. For his part President Donald Trump took to social media and once again criticized NATO and Western allies for not responding to his call to help re-open the Strait of Hormuz.

Post from US President Donald Trump on Truth Social:

Without the U.S.A., NATO IS A PAPER TIGER! They didn’t want to join the fight to stop a Nuclear Powered Iran. Now that fight is Militarily WON, with very little danger for them, they complain about the high oil prices they are forced to pay, but don’t want to help open the Strait of Hormuz, a simple military maneuver that is the single reason for the high oil prices. So easy for them to do, with so little risk. COWARDS, and we will REMEMBER! President DONALD J. TRUMP

With the Strait closed, the International Energy Agency has warned of a looming crisis as oil and gas prices continue to rise. The IEA advised working from home and reducing highway speed limits by ten kilometers to help ease the negative economic impacts.

The issue was also discussed by European leaders in Brussels on Thursday night. With the European Commission announcing temporary measures to reduce electricity prices, as apparently the EU’s increased reliance on renewable sources of energy hasn’t met the mark and it still needs to burn coal and natural gas to generate electricity. Representing Croatia in Brussels was Prime Minister Andrej Plenković, who stressed that this crisis will be more serious than the one in 2022: "We have tasked the Commission with preparing additional measures and tools that would horizontally aid member states in view of efforts to reduce pressure in terms energy prices, including oil derivatives, gas and subsequently electricity. And the activities undertaken by the Croatian Government are in that vein. We were among the first to act to reduce the price shock. We will come forward with similar measures on Monday, so as to prevent a big price hike that would otherwise undoubtedly happen given the situation on the market."

Source: HRT