EU's Energy Battle: Tackling Price Surges Amid War Disruption

European Union's energy commissioner warns that skyrocketing oil and gas prices, intensified by the Iran war, won't normalize even with peace. Announcing new measures, the EU aims to buffer families and businesses against price spikes. The region is diversifying energy sources, reducing reliance on Russian gas.

In the aftermath of the ongoing war involving Iran, European commissioners are warning that Europe will not see a return to normalcy in oil and gas prices anytime soon. EU Energy Commissioner Dan Jorgensen noted that peace declarations wouldn't immediately reduce high energy prices.

The European Union faces heightened constraints on diesel and jet fuel supplies, alongside a significant uptick in energy costs. Jorgensen revealed that measures are being prepared to mitigate these challenges for families and businesses, who have seen gas prices increase by 70% and oil by 60%.

Efforts to diversify away from Russian gas to options in the US, Azerbaijan, Algeria, and Canada are underway, with EU leaders maintaining the ban on Russian gas purchases to diminish dependence and financial streams for the conflict in Ukraine.

(With inputs from agencies.)