EU Braces for Energy Market Turbulence Amid Iran Conflict

EU governments must brace for a protracted energy market disruption linked to the Iran conflict, warns the bloc's energy chief. An emergency meeting will address escalating fuel prices due to the crisis, as detailed in a letter to ministers by EU Energy Commissioner Dan Jorgensen.

The European continent is particularly vulnerable given its heavy reliance on imported fuel. Although the Strait of Hormuz’s closure hasn't directly impacted crude oil or natural gas imports, European gas prices surged over 70% since the U.S.-Israeli conflict with Iran ignited on February 28.

Brussels remains watchful, especially over supplies of refined petroleum products like jet fuel and diesel. EU states are urged not to implement policies that would increase fuel consumption or disincentivize refinery outputs. The letter advises delaying non-essential refinery maintenance during this volatile time.