EU Energy Chief Warns of Price Crisis Amid Iran War-Driven Global Volatility

The European Union is bracing for an energy price crisis as global markets are roiled by the Iran war. The bloc's energy chief, EU Energy Commissioner Dan Jorgensen, has urged countries to consider measures to curb natural gas demand.

Europe relies heavily on imported oil and gas, with foreign suppliers covering around 80% of its gas needs. This leaves it vulnerable to surging global energy prices caused by the Iran war's closure of the Strait of Hormuz, a critical transit route for 20% of the world's oil and liquefied natural gas.

The EU has not yet faced supply shortages but is grappling with soaring prices, which have left some countries struggling to fill gas storage ahead of winter. The current level of EU-wide gas storage is around 70%, 12 percentage points below the same time last year.