EU Faces Energy Price Crisis Amid Iran War

The European Union is facing an energy price crisis due to the ongoing Iran war, which has led to soaring global energy prices. EU Energy Commissioner Dan Jorgensen wrote a letter to countries' energy ministers urging them to consider measures to curb natural gas demand.

According to Jorgensen, Europe's reliance on imported oil and gas makes it highly exposed to surging global energy prices. The continent is heavily dependent on foreign suppliers, who cover about 80% of its gas needs.

The EU-wide gas storage is about 70% full, which is 12 percentage points below the same time last year, data from Gas Infrastructure Europe showed.