BRUSSELS – The European Union’s top energy official is warning member nations to get ready for extended turmoil in energy markets caused by the war involving Iran.
EU Energy Commissioner Dan Jorgensen sent a letter dated March 30 to energy ministers across the bloc, advising them to begin preparations for what could be lasting market disruptions. The correspondence was obtained ahead of an emergency ministerial meeting scheduled for Tuesday.
The ongoing Middle East conflict has severely impacted global energy costs, with European gas prices skyrocketing more than 70% since the U.S.-Israeli military action against Iran commenced on February 28. Europe’s substantial dependence on energy imports makes the continent particularly vulnerable to price volatility stemming from regional conflicts.
While the closure of the critical Strait of Hormuz shipping lane hasn’t directly affected Europe’s crude oil and natural gas deliveries – since most of these resources come from non-Middle Eastern suppliers – Brussels remains deeply worried about other energy products.
Jorgensen highlighted immediate concerns regarding Europe’s access to refined petroleum goods, including jet fuel and diesel. These products face potential supply constraints that could impact the continent’s energy security.
The commissioner’s letter outlined several recommendations for member states during this uncertain period. Nations should refrain from implementing policies that would boost fuel usage, restrict petroleum product trading, or discourage production at European refineries processing these critical materials.
“Member States are encouraged to defer any non-emergency refinery maintenance,” Jorgensen wrote in his communication to ministers.
The emergency meeting comes as European leaders grapple with energy security challenges that echo previous disruptions caused by geopolitical tensions in key energy-producing regions.
