The mounting pressure is prompting the EU to seek ways to curb energy prices ahead of winter while accelerating efforts to reduce dependence on fossil fuels and external energy sources.
Speaking at a meeting of EU energy ministers in Ireland on Tuesday, EU Energy Commissioner Dan Jørgensen said that despite the substantial increase in spending, member states were not receiving any additional volumes of oil or natural gas.
Fuel prices in some European countries have risen by nearly 50%, reaching more than 11 USD per gallon, following the closure of the Strait of Hormuz. The strategic waterway previously handled around one-fifth of global oil trade.
The International Energy Agency warned that Europe is among the regions most vulnerable to fluctuations in diesel prices as winter approaches.
About 50% of Europe’s diesel supply is currently imported directly from the United States, leaving the region particularly exposed to disruptions in global energy markets.
