'Energy crisis will hit prices for months or even years,' says Commissioner Jørgensen

Published on 22/04/2026 - 18:12 GMT+2

The European Union’s starring vigor authoritative cautioned connected Wednesday that the terrible vigor situation triggered by the United States and Israel against Iran is apt to thrust up prices for months, if not years.

EU Energy Commissioner Dan Jørgensen emphasised that the interaction volition beryllium long-lasting, alternatively than a little oregon insignificant spike successful costs.

He noted that the warfare is costing Europe €500 cardinal (about $600 million) per day, informing that “very hard months, oregon perchance adjacent years” prevarication ahead.

The abrupt nonaccomplishment of 20% of planetary lipid and earthy state exports done the Strait of Hormuz has unleashed terms volatility, adjacent if EU countries negociate to unafraid vigor supplies.

Speaking to reporters, Jørgensen added that EU governments stay “very worried” astir imaginable pitchy substance shortages, peculiarly with the engaged tourism play approaching.

“Even successful a best-case scenario, it’s inactive bad,” helium said astir the existent crisis, noting the harm done to vigor infrastructure successful the Middle East and however agelong it would instrumentality to hole it and restart accumulation to levels anterior to the conflict.

Jørgensen's remarks came 1 time aft European transport ministers shared plans to unafraid jet substance supplies from the United States amid imaginable shortages crossed the continent, adjacent if EU leaders support that proviso information is presently harmless and imaginable shortages could beryllium felt otherwise crossed subordinate states.

The Commission announced connected Wednesday a caller 'fuel observatory' to show pitchy substance stocks and forestall EU countries from hoarding substance astatine others' expense.

The International Energy Agency precocious warned that pitchy substance successful Europe was successful abbreviated supply, a assertion backed by respective European airlines, which said it could pb to flight cancellations.

However, the informing has truthful acold been downplayed by the European Commission, which argues that formation cancellations "have thing to do" with shortages but alternatively with airlines' ain profitability.