Energy shock: why oil and gas prices have risen less than expected
27 July 2026By Lea Demuth, Ana-Simona Manu and Arthur Stalla-BourdillonWhy have energy prices risen less during the Iran war than after Russia’s invasion of Ukraine? This ECB Blog post compares the two episodes and explains the role of market buffers, demand and competition for LNG shipments.The wars in Ukraine and Iran have both led to significant energy shocks and, as a result, rising energy prices. Yet the two shocks differ…

