Brussels weighs emergency steps as energy markets reel

Leaders of the European Union are set to seek urgent measures to contain surging energy prices as they gather for a summit on Thursday, March 19, amid mounting pressure caused by the ongoing war involving Iran.

According to Reuters, Europe’s significant dependence on imported energy leaves it particularly vulnerable to disruptions linked to the closure of the Strait of Hormuz, a critical transit route through which roughly 20% of global oil and liquefied natural gas supplies typically flow.

Since February 28, when the US-Israeli military campaign against Iran began, European gas prices have surged by more than 60%, reflecting the scale of the shock to global energy markets.

Lithuanian Energy Minister Žygimantas Vaičiūnas said the crisis underscores the bloc’s long-term strategy. “This once again confirms that the EU’s key strategy is the decarbonization of industry,” he told Reuters, referring to efforts to transition away from fossil fuels toward domestically produced low-carbon energy sources.

However, he cautioned that immediate solutions remain limited. “There is no single tool or panacea that can easily address this challenge,” he said.

Officials acknowledge that internal differences among the EU’s 27 member states—particularly in energy consumption patterns and taxation—complicate any unified response. Some governments remain skeptical that the bloc can effectively offset the sharp rise in prices triggered by what they describe as unprecedented global market disruptions.

“Unfortunately, we will not find a magic solution,” one EU diplomat said, highlighting the difficulty of quickly stabilizing energy costs under current conditions.

By Tamilla Hasanova