Donald Trump’s attack on Iran will deliver a bigger blow to European and Asian economies than to the US itself, which will be partly cushioned from the effects thanks to its large domestic energy sector, analysts say.
The US has been a net exporter of natural gas since 2017 and of oil since 2020, official figures show, meaning its own energy sector benefits from surging prices, even if the average American household will be hit hard by rising petrol costs.
By contrast, European and Asian economies reliant on energy imports face a much sharper surge in inflation, partly because natural gas prices in those markets are more volatile than in the US and have already jumped — and the fuel is crucial in their domestic energy markets, the FT’s Sam Fleming explains.
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