Brussels is bracing for a severe energy shock as the ongoing conflict between the United States, Israel, and Iran sends ripples through global markets. EU Energy Commissioner Dan Jørgensen has announced that the bloc is formulating contingency plans reminiscent of the interventions implemented during the onset of the Russia-Ukraine war in 2022.
European natural gas prices have skyrocketed by more than 70 percent since the US-Israeli military campaign against Iran commenced on February 28. In response, Jørgensen stated that the EU is considering capping network fees and electricity taxes. Similar to the 2022 crisis, which saw the introduction of gas price caps and windfall taxes on energy firms, Brussels is preparing for prolonged instability.
While the EU's crude oil and natural gas supplies are largely shielded from the closure of the Strait of Hormuz due to diversified sourcing, short-term anxieties are mounting over refined petroleum products. Europe currently imports approximately 15 percent of its kerosene from the Middle East. Jørgensen warned that even a swift resolution to the conflict would not immediately stabilize the market, as critical energy infrastructure in the region has already suffered extensive damage.
The strategic Strait of Hormuz remains a severe bottleneck for global shipping. Iranian forces have escalated attacks on neighboring Gulf states, utilizing drones to strike fuel storage facilities at Kuwait's international airport and targeting a tanker off the coast of Qatar. These actions have brought maritime trade through the vital corridor to a virtual standstill.
According to reports from the Wall Street Journal, the United Arab Emirates is actively urging the United States and allied nations in Europe and Asia to form a military coalition to forcefully reopen the strait. Emirati diplomats are reportedly pushing for a UN Security Council resolution to authorize the mission. However, military experts caution that such an operation would be highly perilous, as naval vessels navigating the narrow waterway would be highly vulnerable to rapid mainland strikes from Iran.
Despite the severe maritime disruptions stemming from the conflict, US President Donald Trump stated from the White House that securing the Strait of Hormuz is not an American responsibility, asserting that the US has "nothing to do" with reopening the waterway. Trump projected that US military operations in Iran would conclude within two to three weeks, aiming to neutralize Tehran's nuclear capabilities. "If we feel that they are set back to the Stone Age for a long time and will not be able to develop a nuclear weapon, then we will leave," Trump declared, dismissing the need for any formal agreement with the Iranian leadership.
In Jerusalem, Israeli Prime Minister Benjamin Netanyahu expressed confidence in the eventual collapse of the Iranian government, stating, "The Ayatollah regime in Iran is weaker than ever." Conversely, Iranian Foreign Minister Abbas Araghtschi told Al Jazeera that Tehran has not decided whether to engage in negotiations, citing "zero trust" in the United States.
Amid the escalating rhetoric and violence, Pope Leo XIV issued a fervent plea for diplomacy following Palm Sunday mass at St. Peter's Square. Addressing President Trump and global leaders, the pontiff urged a return to the negotiating table ahead of the Easter holiday. "Let the war finally end," the head of the Catholic Church implored.
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