EU Warns of Energy Price Crisis Amid Middle East Conflict

The European Union has issued a warning about an impending energy price crisis linked to the Middle East conflict. The EU's Energy Commissioner, Dan Jorgensen, sent a letter to energy ministers urging governments to prepare for winter by curbing demand and continuing to fill storage facilities.

Jorgensen stated that the bloc's reliance on imported fossil fuels has exposed it to turmoil in energy markets, calling for urgent preparations ahead of the heating season. He emphasized that 'We are facing a price crisis linking to a supply crisis.'

The European gas prices have more than doubled since late February, reaching their highest level since late 2022 earlier this month.