How are EU and member states reacting to energy crisis triggered by Iran war?

"The only winner from the ongoing conflict would be Vladimir Putin, who could step into the gap created by the throttling of Gulf supplies. So how are Brussels and individual member states reacting to a crisis that in just 24 hours sent the oil price to almost $120 a barrel, before swinging back to nearer $90?"

"It is very important to strictly enforce the G7 price gap and potentially move to the full maritime services ban to limit Russia's war revenues, because the opposite would be self-defeating, said the European economic commissioner, Valdis Dombrovskis."

"While Russian crude oil was capped by the EU and the UK at $44.10 per barrel on 1 February to ensure it remains 20% below the trading price, other countries not covered by the sanctions including China are buying at market rate, filling the Kremlin's coffers."

The Iran war has created significant disruption in global oil and gas markets, with prices spiking to nearly $120 per barrel before stabilizing around $90. The EU faces a critical challenge as the US considers easing sanctions on Russian oil to manage price surges, potentially allowing Putin to exploit supply gaps from throttled Gulf production. The European Commission opposes this approach, urging strict enforcement of the G7 price cap on Russian crude at $44.10 per barrel. EU leaders are exploring coordinated responses including energy tax adjustments and carbon price modifications to protect consumers and industries from high energy costs. Currently, the EU sources oil primarily from the US (15%), Norway (14%), Kazakhstan (13%), and Gulf states (12%).

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