EU Sees Iran Conflict Impact on Energy Markets as Not Short-Lived

by Ship & Bunker News Team
Thursday April 2, 2026

The EU is facing a prolonged period of elevated energy prices as the Iran conflict continues to tighten global markets, according to EU Energy Commissioner Dan Jorgensen.

Gas prices in the EU have risen by around 70% and oil by 60% since the start of the conflict, adding that the first 30 days alone increased the bloc’s fossil fuel import bill by €14 billion, he said while speaking at an informal meeting of EU Energy Ministers on Tuesday.

He warned that “we should be under no illusion that the consequences of this crisis for the energy markets will be short-lived. Because they won't.”

However, he pointed to tightening conditions in diesel and jet fuel markets, alongside growing constraints in global gas markets that are feeding into electricity prices.

“This situation threatens to impose further costs on our industries and our households,” he said.

Jorgensen also stressed the need for coordinated action, cautioning against fragmented national responses and calling for targeted, temporary measures.

He added that the crisis underscores Europe’s structural vulnerability to external shocks due to its reliance on imported fossil fuels, reinforcing the need to accelerate energy independence through clean energy and electrification.

Ship & Bunker News Team
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