EU warns of energy price crisis, asks countries to consider curbing demand

The European Union is facing an energy price crisis as fallout from the Iran war roils oil and gas markets, the bloc’s energy chief said on Friday in a
letter seen by Reuters that urged countries to consider measures to curb natural gas demand.
“We are facing a price crisis linking to a supply crisis,” EU Energy Commissioner Dan Jorgensen said in a letter to EU countries’ energy ministers.
Europe is heavily dependent on imported oil and gas. Foreign suppliers cover about 80% of the bloc’s gas needs, leaving it highly exposed to surging global energy prices caused by the Iran war’s effective closure of the Strait of Hormuz, normally a transit route for 20% of the world’s oil and liquefied natural gas.