European Union Energy Commissioner Dan Jorgensen has urged bloc countries to prepare for prolonged disruptions to energy markets due to the Iran war, Reuters reports.
The letter seen by Reuters, said governments were being urged to prepare ahead of time for the possibility of prolonged disruptions to energy markets.
Europe is heavily dependent on imported oil, which means it is also very vulnerable to the impact of the conflict in the Middle East on energy prices. Natural gas prices in Europe have risen by 70% since the 28th of February. However, the bloc’s crude oil and natural gas supplies are not directly affected by the closure of the Strait of Hormuz,
as Europe imports most of its energy from places other than the Middle East.
However, Jorgensen said Brussels is more concerned about the short-term impact on Europe’s supply of refined petroleum products, such as jet fuel and diesel.
Governments should avoid measures that could increase fuel consumption and restrict the trade of fuel products. The letter also says that member states should refrain from carrying out non-essential maintenance work on oil refineries.
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