G7 energy and finance ministers affirmed their readiness Monday to deploy "all necessary measures" to protect global energy markets, as tensions escalate in Iran.
The joint statement emphasized close monitoring of oil and commodity disruptions, inflation risks, and macroeconomic instability. Despite no immediate decisions-like releasing strategic reserves-the ministers laid groundwork for further EU-level assessments.
European officials are scrambling to manage an emerging oil crisis likened to the 1970s. The International Energy Agency had previously coordinated a 400-million-barrel oil release on March 11, yet prices continue rising.
Brent crude surged to $119 per barrel, with forecasts suggesting it could hit $200. Natural gas prices may return to 2022 crisis levels as LNG shipments divert from Europe to Asia amid higher bids.
The conflict has effectively blocked the Strait of Hormuz, trapping vital commodities and threatening global supply chains. US President Donald Trump claimed progress in talks with Tehran but warned of strikes on Iranian infrastructure if no deal emerges soon.
Meanwhile, the EU pushes for long-term energy independence through renewables and grid upgrades. Denmark’s Energy Commissioner Dan Jørgensen urged fast-tracking the Grids Package to enhance cross-border power flows.
Several European nations, including Poland, Hungary, and Croatia, have implemented domestic fuel price caps to shield consumers.