European Union governments are bracing for continued instability in energy markets due to the ongoing conflict involving Iran. The bloc’s energy chief has communicated this expectation to member states’ ministers prior to an emergency meeting.
Officials warn that even a swift resolution to the conflict wouldn’t immediately restore normal oil and gas prices. European gas prices have already surged over 70 percent since the start of the war.
The energy commissioner indicated that a “prolonged disruption” is likely, suggesting that elevated prices are expected to persist for some time. Ministers are preparing to discuss strategies to address the situation.