On March 12, the European Union convened a meeting of coordination groups focused on oil and gas due to surging commodity prices, a situation attributed to military operations conducted by the United States and Israel against Iran in the Middle East. This information was confirmed by European Commission spokesperson Anna-Kaisa Itkonen.
Itkonen indicated that further details regarding the meeting would be shared later. Notably, on March 9, oil prices exceeded $100 per barrel for the first time since the onset of Russia’s full-scale invasion of Ukraine in 2022. Following the US-Israel operation against Iran, futures for American oil surged by 18%, while the global benchmark, Brent crude, rose by 16%.
Military Operations Against Iran
On February 28, Israel launched an attack on Tehran, the Iranian capital. Subsequently, US President Donald Trump announced that American forces had initiated a “major combat operation” aimed at neutralizing perceived threats from the Iranian regime. He accused Iranian authorities of funding and training militias in Syria, Lebanon, Iraq, and Hamas in Palestine. The stated objectives of the military operation included dismantling Iran’s missile industry and naval capabilities, as well as preventing further destabilization in the region.
The Islamic Revolutionary Guard Corps (IRGC) reported launching missiles and drones toward Israel, in addition to attacking American military bases located in Qatar, Saudi Arabia, and the United Arab Emirates.
In response to the escalating military actions, French President Emmanuel Macron called for an urgent meeting of the United Nations Security Council. The European Union reiterated its unwavering commitment to ensuring regional security and stability in the Middle East.
Ukrainian President Volodymyr Zelensky stated that it is fair to give Iranians a chance to rid themselves of a “terrorist regime” and to guarantee safety for all nations affected by attacks from Iran.
On March 1, the IRGC announced the initiation of what it termed the “most destructive offensive operation in the history of the Islamic Republic” against Israel and “American terrorist bases.” Trump urged the Iranian regime to abandon these plans, threatening a “very strong strike” in retaliation.
On March 2, US Secretary of State Marco Rubio indicated that the next phase of military operations against Iran would be even more devastating. By March 6, Trump emphasized the need for a complete change in Iran’s leadership, mentioning that he had several candidates in mind for a “good leader.”
The European Union has convened a meeting to address rising oil prices driven by US-Israel military actions against Iran. This escalation has significant implications for regional stability and global energy markets.