BRUSSELS, March 31 (Xinhua) -- European Union (EU) Energy Commissioner Dan Jorgensen said Tuesday that the ongoing conflict in the Middle East is likely to cause prolonged disruption to energy markets, even if hostilities end soon.
EU energy ministers held a video meeting on Tuesday to coordinate responses. Speaking after the meeting, Jorgensen warned that the impact would not be short-lived.
"Even if there was peace tomorrow, there would still be consequences," he said, noting that energy infrastructure in the region has been heavily damaged.
Since the conflict began, gas prices in the EU have risen by around 70 percent and oil prices by about 50 percent, Jorgensen said. He added that the roughly 30-day conflict has already increased the bloc's fossil fuel import bill by 14 billion euros (16.2 billion U.S. dollars).
The European Commission is preparing a package of measures to address the continued market impact, similar to steps taken during the 2022 energy crisis, he said.
While stressing that "there's no one-size-fits-all solution," Jorgensen urged member states to consider reducing oil demand, particularly for diesel and jet fuel, while ensuring protection for vulnerable groups.
In 2022, the EU introduced emergency measures including a gas price cap mechanism, windfall levies on parts of the energy sector, and targets to cut natural gas demand.
