The European Union is bracing for a “long-term” energy shock due to the war in the Middle East, with the European Commission considering all possible scenarios, including fuel rationing.
According to Reuters, EU Energy Commissioner Dan Jorgensen warns in an interview with F.T. that fuel prices will continue to be high for a long time, with further deterioration for critical products not ruled out in the coming weeks.
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Although the EU is not yet in a supply crisis, Brussels is moving towards precautionary measures – such as imposing fuel rationing and releasing additional quantities of oil from strategic emergency stocks – in preparation for the potential long-term effects of the crisis on energy markets and the economy.
At the same time, France and Britain are trying through diplomatic channels to reach an agreement on the Strait of Hormuz, which is entirely controlled by the Iranians. French President Emmanuel Macron met this week with Japanese Prime Minister Shanae Takayichi, while Britain’s Foreign Secretary Yvette Cooper held a teleconference with some 40 countries, excluding the US and Iran.
