Political leaders in the UK and Spain are both trying to keep their distance from the complex war in Iran. But the impact of the conflict on the countries — specifically in terms of its effect on their energy prices — is not the same. Spain, through both luck and design, is less exposed. That gives it one less reason to wade in.
Most of Europe is affected by high prices of oil, gas and refined products that have resulted from the closure of the Strait of Hormuz. Where things diverge is the price of electricity. France and Spain both have the advantage of generating a big chunk of their electricity from sources other than natural gas, prices of which have doubled since the start of the year.
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