Overview
- EU energy ministers held a video meeting Tuesday after Energy Commissioner Dan Jørgensen urged countries to brace for a prolonged disruption and to ask people to reduce transport fuel use on a voluntary basis.
- Jørgensen’s letter warned Europe is most at risk on refined products like jet fuel and diesel and asked governments to defer non‑emergency refinery maintenance and avoid steps that raise consumption or block cross‑border fuel trade.
- Oil and gas prices keep climbing, with Brent crude reported near $116–$119 a barrel and European gas up more than 70% since February 28 after attacks choked the Strait of Hormuz, which typically carries about one‑fifth of global oil.
- G7 ministers offered few new tools beyond urging countries not to impose export bans, while the International Energy Agency’s 400 million‑barrel stock release announced earlier this month will take time to filter through.
- The supply shock is speeding interest in local clean energy that relies on Chinese‑made gear, even as some countries restart coal plants to cover gaps and campaigners push windfall taxes on oil profits to fund relief and the transition.