Recent military actions by the United States and Israel against Iran have significantly impacted energy prices in Europe, with costs for gas and oil surging dramatically. According to European Commissioner for Energy, Dan Jørgensen, these developments have added approximately €14 billion to the European Union’s fossil fuel import expenses over the past month.
Since the onset of the conflict, gas prices in the EU have increased by around 70%, while oil prices have risen by nearly 60%. Jørgensen noted that while there is currently no direct shortage of oil and gas within the EU, there are tensions in the markets for diesel and aviation fuel. These pressures are contributing to rising electricity prices, which pose additional financial burdens on both industries and households.
“We should not be under any illusions that the consequences of this crisis for energy markets will be short-lived, because they will not,” Jørgensen stated.
In light of these challenges, Jørgensen urged EU member states to coordinate their responses and avoid fragmented national measures that could destabilize markets. He indicated that the European Commission is preparing a comprehensive set of measures to assist member states in protecting families and businesses from escalating energy costs.
The military operations began on February 28, when Israel launched an attack on Tehran, Iran’s capital. Following this, U.S. President Donald Trump announced a large-scale military operation aimed at neutralizing perceived threats from the Iranian regime. He accused Iran of supporting militant groups in Syria, Lebanon, Iraq, and Palestine, asserting that the operation’s goals included dismantling Iran’s missile industry and naval capabilities.
In response, the Islamic Revolutionary Guard Corps (IRGC) claimed to have launched missiles and drones toward Israel and conducted attacks on U.S. military bases in Qatar, Saudi Arabia, and the United Arab Emirates.
Amid these developments, French President Emmanuel Macron called for an urgent meeting of the United Nations Security Council. The EU has reiterated its commitment to ensuring regional security and stability in the Middle East.
Ukrainian President Volodymyr Zelensky expressed support for the Iranian people, stating they deserve a chance to rid themselves of a “terrorist regime” and ensure safety for all nations affected by Iranian aggression.
On February 28, Trump announced the death of Iran’s Supreme Leader Ali Khamenei, a claim later confirmed by Iranian state media. Following this, the IRGC declared the initiation of a “devastating offensive operation in the history of the Islamic Republic” against Israel and U.S. military bases. Trump warned the Iranian regime to abandon these plans, threatening a “very strong response” if they did not.
On March 2, U.S. Secretary of State Marco Rubio stated that the next phase of military operations would be even more destructive. By March 6, Trump emphasized the need for a complete change in Iran’s leadership, suggesting he had candidates in mind for a potential new leader.
On March 8, Iran’s Assembly of Experts elected Mojtaba Khamenei, the son of the deceased Supreme Leader, as the third Supreme Leader of the Islamic Republic. Trump declined to comment on this election, merely stating, “We’ll see what happens.” He had previously remarked that the new Iranian leader would not last long without the approval of the White House.
The military operations by the U.S. and Israel against Iran have led to significant increases in energy costs across Europe, prompting concerns about long-term market stability. EU officials are preparing measures to address the economic impact on member states as tensions in the region escalate.