European Union energy ministers are meeting this Tuesday, March 31, via videoconference to assess energy supply security in light of the escalating conflict in the Middle East. The extraordinary meeting, not originally scheduled by the Cypriot presidency, was announced last Friday and begins at 2:00 PM mainland Portugal time. The call comes about a month after the US and Israeli attack on Iran on February 28 and Tehran's subsequent closure of the Strait of Hormuz—a route that carries about 20% of the world's oil. Since then, tanker traffic has fallen sharply, supply has shown signs of strain, and crude prices have risen back above $100 per barrel. Although the European Commission has assured that 'energy supply is currently guaranteed,' volatility in gas, oil, and electricity markets continues to pressure consumers and businesses. Faced with this scenario, Brussels is preparing a package of measures to be announced later this week, aimed at easing electricity prices and strengthening energy security. Among the actions being studied is the relaxation of state aid rules for immediate support to the most affected sectors and initiatives to reduce the burden of fuel costs, including temporary tax cuts, without compromising the financing of the transition to clean energy. The Commission is also working on legislative proposals to modernize power grids, make the emissions trading system more flexible, and increase investment in decarbonization technologies. The EU fears a repeat of the 2022 energy crisis, given the bloc's high dependence on fossil fuel imports and its exposure to shocks in global markets linked to the Middle East. This meeting aims to coordinate immediate responses among member states and prepare medium-term measures to mitigate the economic impact of the current instability.