Residents of Europe urged to prepare for prolonged crisis due to war in Iran 0 10

Authorities in European Union (EU) countries need to start preparing now for prolonged disruptions in the supply of key energy resources from the Middle East due to the war in Iran. This call was made by the European Commission (EC) Commissioner for Energy, Dan Jørgensen, as reported by Reuters.

In his address to the relevant ministers of the bloc, he recommended timely adoption of a number of protective measures to avoid exacerbating the energy crisis in the region. The EU continues to depend on imports of oil and liquefied gas, Jørgensen noted. The rapid rise in energy prices could worsen the situation in European countries.

Since the start of the joint military operation by the United States and Israel in Iran, the price of natural gas at the Dutch TTF hub has increased by more than 70 percent. At its peak, prices reached a maximum of $850 per thousand cubic meters, the highest since the end of 2022.

The prolonged blockade of the Strait of Hormuz by Iran, Jørgensen warned, could lead to disruptions in the supply of various types of petroleum products, such as aviation fuel and diesel. A significant portion of these supplies to the region was provided by Middle Eastern countries. While the EU's dependence on Persian Gulf countries for natural gas and oil was relatively low, the negative consequences of disruptions in the aforementioned fuels could be serious, the European Commissioner stated.