Fossilflation: War on Iran oil shock shows why we need to replace fossil fuels with renewables - Greenpeace

The latest oil price shock has exposed a problem that goes far beyond the war on Iran and its devastating human and environmental consequences . New Greenpeace International analysis shows how dependence on fossil fuels leaves household budgets exposed to volatile international markets, with price shocks feeding through into the wider economy. Between January and August 2026, fossil fuel prices accounted for the entire 1.5 percentage point rise in eurozone inflation, according to the analysis. Without the oil price shock, eurozone inflation in August would have been 2.2 per cent, rather than 3.2 per cent. This is fossilflation . And it is a problem that will keep returning for as long as our economies depend on fossil fuels.