European Union governments have been urged to prepare for sustained disruption to energy markets as a result of the US-Israeli war on Iran, with EU Energy Commissioner Dan J├╕rgensen warning in a letter to ministers that “timely preparations” are needed for a potentially prolonged crisis, according to Reuters.
European gas prices have already surged by over 70 percent since the war began on 28 February, reflecting the bloc’s vulnerability due to its reliance on imported fuel.
While crude oil and natural gas supplies have not been directly hit, concerns are mounting over refined petroleum products, particularly jet fuel and diesel.
Analysts say jet fuel is the most exposed, with supplies linked to shipments that passed through the Strait of Hormuz before its closure expected to arrive by mid-April. Although stockpiles could cover demand for up to three months, shortages and price volatility remain likely. The EU may turn to alternative suppliers such as the US, but officials have also advised delaying non-essential refinery maintenance to stabilize supply.
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