Europe’s economy is slowing sharply as the Iran war drives up energy costs, deepening pressure on households and challenging policy makers. Fresh data for May showed euro zone business activity contracted at its fastest pace in more than two years while inflation pressures intensified, raising fears of a prolonged cost-of-living crunch and possible recession.
fossil fuels are a key point in chemical industries , its not just about power !
True, but the amounts needed for that are much lower, and can be bought from countries in other parts of the world.