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The fallout from the US-Israel war on Iran is making itself felt across Europe. Since the conflict began on 28 February, the price of crude oil has soared from $60 to over $100 per barrel in the space dollars a few days, and liquified natural gas has seen a similar price increase. Since then, concerns have been mounting: is the European Union heading for a major energy crisis?
In order to curb rising energy prices, Member States have adopted a variety of emergency measures. While Spain has decided to limit energy taxes, other European countries have imposed restrictions on price rises at the pump, or introduced special compensation schemes for consumers.
At the EU level, the situation is more complex. While the EU has already activated emergency measures, it must balance these against its ambitions regarding the energy transition. Another obstacle is the increasingly strident calls – from Hungary, among others – for the EU to reopen its markets to Russian hydrocarbons.
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