EU warns of energy price crisis from Iran war fallout, urges demand curbs

EU Energy Commissioner Dan Jorgensen warned member states of a price crisis linked to a supply crisis stemming from the Iran war's impact on oil and gas markets, urging consideration of demand-curbing measures. The bloc claims better preparedness than the 2021 Russian supply squeeze, but the letter signals acute market stress. The warning implies potential coordinated EU demand reduction, which could pressure global energy prices and growth.