EU Energy Ministers are scheduled to hold a video conference on Tuesday to address the deepening energy fallout from the ongoing Iran conflict the latest in a series of emergency consultations as Europe braces for a potential supply crunch.
The call will run parallel to a separate G7 energy ministers’ discussion also scheduled for Tuesday, reflecting heightened global anxiety over fuel supply and soaring costs triggered by the war.
Energy Commissioner Dan Jorgensen has already warned that the conflict’s disruption of Gulf energy routes, particularly the Strait of Hormuz, has created “high and volatile” global gas prices that threaten EU storage projections going into winter.
Natural gas prices across Europe have surged nearly 60% since hostilities began on February 28, with Brent crude crossing $100 per barrel up from roughly $60 before the strikes.
Tuesday’s call signals Brussels is moving from contingency planning to concrete action though how fast that action comes remains the central question.