The European Union’s top energy official has warned that the ongoing conflict involving the United States and Israel with Iran could drive energy prices higher for months—or even years—posing a major challenge for Europe.
EU Energy Commissioner Dan Jørgensen said on Wednesday that the current crisis is not a short-term shock but a prolonged and severe disruption.
“This is not a small, temporary increase in prices,” he said, adding that the situation could rival the scale of both the 1973 oil crisis and the 2022 energy crisis combined.
Jørgensen noted that the war is costing Europe approximately €500 million (about $600 million) per day, warning of “very difficult months, or maybe even years” ahead.
“Even in a best-case scenario, it’s still bad,” he told reporters, underscoring the long-term economic impact of the unfolding crisis on energy markets and consumers across the European Union.
