Iran War: Impact on Greek Economy and Rising Prices

The economic consequences of the war in Iran are being felt in Greece, with consumers facing rising prices. The increase in oil and natural gas prices, combined with higher transportation costs, is expected to further burden Greek households.

Iran, a major oil-producing country, faces restrictions on oil production and trade due to the war. The US and Israel aim to cut off Iran's funding through oil sales. China, a major consumer of Iranian oil, faces difficulties in its purchases, limiting the availability of oil for other countries.

The Revolutionary Guards have closed the Strait of Hormuz, preventing the movement of oil from the Middle East. This results in a reduction of oil supply to the West and an increase in transportation costs. Greek shipping companies, such as Minerva and the Embiricos family, have recorded high freight rates for transporting oil through the war zone.

The increase in the cost of transporting oil and natural gas will be passed on to the prices of energy, fuels and other products. In addition, the price of aluminum is rising due to the disruption of deliveries from companies such as Alba (Aluminium Bahrain). Metlen, a Greek industrial group, had bid to buy the aluminum industry in Dunkirk, but Alba won with a higher bid.

In conclusion, the war in Iran is expected to worsen the economic situation of Greek consumers, causing a new wave of rising prices.