The world economy and the Dutch gas supply are bracing for the consequences of an attack on Iran

What are the consequences of the attack on Iran for the global economy? That question is central to the economics editorial team these days NRC and in many other newsrooms around the world.

On Monday morning, European gas prices rose by 25 percent due to the American and Israeli attacks on Iran and Iranian retaliation. About a fifth of the world’s liquefied natural gas (LNG), mainly from Qatar, is shipped through the Strait of Hormuz. And last night, colleague Arjan Meesterburrie wrote the first news item about the oil price. This is rising sharply, now 13 percent, after the attacks by the US and Israel on Iran.

Tankers are now avoiding the Strait of Hormuz, the strait between Iran and the Gulf States. “Risky for the global economy and the Dutch gas supply,” colleague Mark Beunderman said on Sunday.

The Belgian newspaper The Standard also noted that there hardly any shipping anymore passes through the Strait of Hormuz. “Even though Iran says that it will not close the Achilles heel of the global economy,” said the Flemish newspaper.

Cape of Good Hope

Due to the American-Israeli attack on Iran, large container shipping companies are not only avoiding the Strait of Hormuz, they are also no longer sailing through the Strait of Hormuz. Suez Canalthe trade magazine stated Newspaper Transport Sunday. The alternative between Asia and Europe: the long detour via the Cape of Good Hope.

This step by shipowners is not surprising, as insurance companies have adjusted their policies and rates for shipping customers, according to the Financial Times. Read: it is now so expensive to have ships sail to the Persian Gulf that it is economically irresponsible (and unsafe, of course).

Also from the FT: What will war in Iran do to the global economy? The conflict in the Middle East shows how much economic growth in the world depends on the energy deliveries through the Strait of Hormuzwrites the British business newspaper.

And from The TelegraphTravelers stranded in the Gulf region or the Far East can apply to the so-called Calamity Fund for reimbursement of additional costs they incur for a longer stay or return journey.

Also in the economic news on Monday morning:

• Technology companies that maintain crucial organizations and infrastructureare vulnerable during a long-term crisis, according to research by the TNO knowledge center on behalf of Techniek Nederland. Fidelity and The Telegraph wrote about it. Breakdown services or repair services can come to a standstill, especially when they are desperately needed.

• Het Financieele Dagblad places a colorful story about how Amsterdam freight goes via the canals again. The canals must become the new traffic arteries to supply the capital’s catering industry. The municipality is committed to this, because transport by boat leads to less heavy road traffic, therefore less congestion and less damage to the vulnerable quays.

• Also in it F.D Monday morning: energy experts warn that mandatory gas reserves will increase gas prices increase sharply.

• RTL News looks ahead to Monday: French President Emmanuel Macron will give a long-awaited speech today on cooperation in the field of nuclear weapons. Will be there soon French nuclear weapons in the Netherlands?

• Finally, the British news agency Reuters has attention for one new report of the European environmental organization Transport & Environment. According to a report by T&E, the EU to drastically reduce local battery prices with it ‘Made in Europe‘-plan. This would allow European batteries to compete better with China.

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