The conflict in the Middle East produced severe consequences within just 24 days, as diplomatic efforts intensified to gradually end hostilities. Diplomatic sources indicated possible de-escalation on the Iran front, signalling renewed momentum for negotiations.
However, the latest 24-hour toll revealed the intensity of the conflict, with heavy human losses and extensive damage to infrastructure and energy facilities.
In Iran, continued raids and bombardments caused more than 3,100 deaths, including over 1,350 civilians and more than 1,100 military personnel, according to international and local sources.
In Israel, missile attacks killed at least 19 people and injured more than 4,200 across multiple cities and residential areas.
Meanwhile, the United States reported at least 14 soldiers killed, with more than 200 American service members injured across several countries in the region.
The situation in Lebanon remained particularly concerning as the conflict assumed a clear regional dimension. The death toll approached 1,000, while airstrikes and clashes continued to produce further casualties.
Critical infrastructure damage
The conflict caused widespread destruction to vital infrastructure, including roads, fuel depots, energy facilities and water supply systems, further burdening already fragile economies.
Oil refineries, natural gas pipelines and liquefied gas installations suffered significant damage. Power generation facilities triggered electricity outages, creating serious humanitarian and economic consequences.
The financial cost of the conflict rose sharply. Military operations cost the United States between 800 million and 1 billion dollars daily, reaching as much as 2 billion dollars during the early stages due to the deployment of highly expensive weapons systems.
Israel also recorded daily costs amounting to hundreds of millions of dollars from continuous air operations and the activation of air defence systems.
Disruption at the Strait of Hormuz
The crisis at the Strait of Hormuz, a critical maritime corridor through which around 20% of global oil supply and significant volumes of liquefied natural gas pass, generated major disruption in international energy markets.
Reduced shipping activity and threats of full transit suspension pushed crude oil prices significantly higher. Brent crude exceeded 100 dollars per barrel, reaching the highest levels in recent years and increasing market uncertainty.
Rising prices affect wider economy
Higher energy prices increased costs across multiple sectors, including transportation, production, food and fertilisers, as both production and distribution rely heavily on oil and natural gas.
Experts described the impact on energy markets as one of the most significant disruptions in decades, comparable to the oil crises of the 1970s. Analysts warned that prolonged instability in the Strait could increase global inflation and slow economic growth.
Immediate impact on Greece
The effects reached Greece quickly. Unleaded petrol rose to approximately €1.85 per litre, while prices in island regions exceeded €2 per litre.
Higher fuel costs affected supermarket prices, where more than 8,200 product codes recorded price increases during the first eleven weeks of 2026.
Fresh produce such as tomatoes, broccoli and aubergines increased between 39% and 133%. Dairy products, meat, paper goods and detergents also faced pricing pressure.
Government response
The government attempted to limit the impact through price caps on 63 essential products and measures such as the €300 million Fuel Pass subsidy.
Despite these efforts, daily losses linked to higher diesel prices reached an estimated €4.5 million for the Greek economy.
Private consumption, which accounts for around 73% of GDP, declined significantly as higher energy prices spread across fertilisers, animal feed, services, transport and construction, creating a chain reaction of price increases affecting households and economic growth.
Fuel reserves remain stable
Greece’s strategic petroleum reserves ensured sufficient supply and compliance with international obligations, covering approximately 90 days, or an estimated 30–35 million barrels.
Despite geopolitical tensions in the Middle East and disruptions in global supply chains, domestic fuel supply continued without interruption, maintaining stability in availability.
Refinery and fuel market representatives confirmed that strategic reserves exceeded the required 90-day threshold. Diversified supply sources and long-term agreements for alternative crude oil flows provided additional security amid geopolitical uncertainty.
Analysts estimated that the crisis could cost up to 1% of GDP. Rising inflation threatened purchasing power, with projections reaching as high as 4.2% if oil prices remained elevated.
Overall, the conflict in the Middle East and ongoing geopolitical tensions translated directly into higher energy costs, rising product prices and increased pressure on households, demonstrating the vulnerability of national economies to international crises.
