Energy prices may jump to all-time highs soon as the Iran war escalates without a ceasefire or a clear victory.

The Iran war has rattled global energy markets, but analysts say Europe can avoid a full-blown 2022-style supply crisis.

"Clearly, the longer that oil remains at these levels, expectations of a sustained shock will only grow," Deutsche Bank's Jim Reid said.

Middle East fighting has led to higher oil prices, causing companies to add fuel surcharges that will impact consumers.

Energy prices may jump to all-time highs soon as the Iran war escalates without a ceasefire or a clear victory.