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EU preparing for possible energy supply crisis due to conflict in Iran — Spanish newspaper

The EC assures that there is currently no risk to supplies, though markets are feeling the impact of rising Brent crude oil prices, which has led to higher gas and oil prices in Europe

MADRID, April 6. /TASS/. Europe is bracing for a potential energy supply crisis and price increases due to the conflict started by the US and Israel against Iran, Spain’s El Pais wrote.

The European Commission (EC) is considering emergency measures similar to those introduced after the outbreak of the conflict in Ukraine. Brussels is also considering short-term measures, such as temperature control in air conditioning systems, encouraging remote working, or even fuel rationing and flight restrictions.

The EC assures that there is currently no risk to supplies, though markets are feeling the impact of rising Brent crude oil prices, which has led to higher gas and oil prices in Europe. The European Commission estimates that since the start of the conflict surrounding Iran, the European Union’s fossil fuel import bill has increased by 14 bln euros.

The situation in the Middle East affects more than just energy and global energy markets, according to the publication. There are already serious concerns about the conflict’s impact on fertilizer supplies, which could affect harvests and lead to a global food crisis. Experts believe the situation could also impact medical supplies, the newspaper said.

The US and Israel launched a military operation against Iran on February 28. Major Iranian cities, including Tehran, were hit. The White House justified the attack by citing alleged missile and nuclear threats from Iran. The Islamic Revolutionary Guard Corps (IRGC) of Iran launched retaliatory operations against Israel and US targets in Bahrain, Jordan, Qatar, Kuwait, the UAE, and Saudi Arabia.

Iranian authorities also decided to close the Strait of Hormuz to vessels linked to the US, Israel, and countries that supported the aggression against the Islamic Republic. During the conflict, several tankers were attacked for transiting the strait without Tehran’s permission. On March 25, Foreign Minister Abbas Araghchi announced that Iran had allowed friendly countries, including Russia, India, Iraq, China, and Pakistan, to pass through the Strait of Hormuz.