The EU is assessing “all possibilities” including fuel rationing and releasing more oil from emergency reserves as it braces for a “long-lasting” energy shock from the Middle East war, the bloc’s energy commissioner has said.
“This will be a long crisis . . . energy prices will be higher for a very long time,” Dan Jørgensen told the FT, warning that for some more “critical” products “we expect it to be even worse in the weeks to come”.
The near closure of the crucial Strait of Hormuz waterway and strikes on infrastructure in the Gulf have created chaos in energy markets, sending prices soaring and prompting long-term supply fears.
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