The European Union (EU) could revive measures brought in after Russia cut gas supplies in 2022 amid a mounting energy crisis due to the Iran war.
Gas prices on the continent have risen by more than 70% since the conflict started on 28 February.
Iran effectively closed the Strait of Hormuz to shipping in response to US-Israeli attacks, and this has largely stopped the flow of oil and gas from the Middle East.
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And US President Donald Trump suggested on Tuesday that the war could soon end – with the situation in the strait still unresolved.
The EU‘s supplies of crude oil and natural gas have not been hit directly by the closure, as Europe imports most of those energy sources from suppliers outside of the Middle East.
However, the bloc is concerned about Europe’s supply of refined petroleum products, such as jet fuel and diesel.
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The last kerosene shipments that passed through the Strait of Hormuz before its closure are due to arrive in Europe around 10 April, according to Benedict George, head of European products at Argus Media.
“There’s no realistic risk of actually running out” of jet fuel, George said, though he added that, “stocks could fall to a level where you have localised shortages”.
Speaking after a virtual meeting of EU countries’ energy ministers to discuss their response, Energy Commissioner Dan Jorgensen suggested that measures brought in in 2022 after Russia’s full-scale invasion of Ukraine could be revived.
“We don’t know how long this crisis will last. And since we don’t know how deep it will be, we are also preparing different opportunities and possibilities that look more like the ones we used under the crisis in 2022,” he said.
The EU introduced a number of measures in 2022, including a cap on gas prices, a tax energy companies’ profits and targets to curb demand.
Jorgensen also warned that he does not see a quick resolution to the energy crisis, even if the conflict ends soon.
He added: “What I find extremely important is to state as clearly as I can, that even if that peace is here tomorrow, still we will not go back to normal in a foreseeable future.”
Jorgensen is encouraging EU member states to consider the International Energy Agency’s 10-point plan, which includes home working and reduced speeds limits along with more use of public transport and increased car sharing.
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The EU, however, will stand by its decision not to buy gas from Russia.
Jorgensen said the block should never “repeat the mistakes of the past allowing [Vladimir] Putin to weaponise energy against us and blackmail member states”.
He added that “it would be totally unacceptable” for the EU to continue buying energy that would “indirectly help finance the terrible war that Putin is conducting in Ukraine”.
