Contraponto: Labour package negotiations and the energy price crisis

If there is an impediment to oil transport [in the strait], it is almost as if 20% of global reserves disappeared

EU spent 27 billion euros extra on fuel in two months of conflict

The European Union (EU) spent over 27 billion euros importing fossil fuels during two months of conflict in Iran, losing “almost 500 million per day,” the President of the European Commission said today.

Iran war costs EU €500M a day, von der Leyen warns

The ongoing closure of the Strait of Hormuz has driven up global energy prices.

Berlin turns up the heat

Europe is staring down a familiar and unwelcome set of circumstances: rising energy prices, slowing growth and growing political pressure. As the fallout from the U.S.-Israeli war with Iran ripples through global markets, EU governments are scrambling to cushion the blow — with far fewer tools than they had when the full-scale Russian invasion of ...

Trump’s Iran showdown is becoming Europe’s political nightmare

Energy prices are rising, growth is slowing and Europe’s cash-strapped governments have few tools left to protect voters from the fallout.

Hormuz and the test for the European Union

The blockade of the Strait of Hormuz, amidst military escalation in the Persian Gulf, is not merely a logistical disruption but a weapon of war. It serves as a profound test of the European Union's governance and response capabilities. With oil prices surging, supply chains under pressure, and critical sectors facing shortages, the EU must leverage its robust instruments—such as the European Central Bank's mandate, the European Stability Mechanism, and strategic energy reserves—to avoid the fragmentation of the Common Market. Drawing lessons from the pandemic response rather than the euro crisis, the EU's AccelerateEU package aims to coordinate member state actions to protect economic sustainability and social welfare, proving that the Union's true value is measured by its ability to act decisively during crises.

Brussels hears from aviation sector to review strategy in light of high energy prices

The sector faces various challenges, including rising energy costs driven by geopolitical tensions and the conflict in the Middle East.

There is no place like Cyprus to discuss the “challenging geopolitical context” facing Europe

How to contribute to resolving the war and how to minimise its economic impacts? EU Heads of State and Government meet on the island that was affected right at the beginning of the war in Iran.

EU creates fuel control and may affect prices in Portugal

The European Union is establishing a monitoring system for fuel, which could lead to changes in pricing within Portugal.

4gnews22 Apr

Impact of the crisis will be “long-lasting”, but Brussels argues that fossil fuel subsidies must be “temporary”

The European Commission admits that the crisis in the Middle East, which has already caused a 24 billion euro increase in the energy bill, will have a “serious” and “long-lasting” impact and argued that measures taken by Member States to mitigate the impact of rising fuel prices must be “temporary”. Brussels guarantees that...

Brussels proposes measures in response to rising energy prices

The European Commission has put forward new proposals to address the increase in energy costs.

Oil tankers that passed before the blockade are arriving in Europe and it is unknown when the next ones will come

Bernardino Soares, a commentator for CNN Portugal, anticipates the impacts of an escalation in the economic crisis following the war in the Middle East.

Remote work, cheaper transport and cycle paths: Brussels' 55 measures against the oil price surge

Gas prices have soared by 85% and oil by 51% in a matter of weeks. The European Commission has responded with a plan containing over fifty measures that can be implemented by Member States.

Anything (almost) goes to lower the energy bill: Brussels moves forward with an action plan to tackle high oil prices

The European Commission will present a comprehensive package of measures this week titled 'Accelerating the EU Energy Union - Ensuring secure and affordable energy through accelerated actions'. It is an action plan based on five major key areas.

European Commission activates compensation mechanism for the fishing sector

The European Commission has today activated the crisis mechanism of the European Maritime, Fisheries and Aquaculture Fund (EMFAF), allowing Member States to compensate the sector for the impact of the conflict in the Middle East.

Eurozone inflation revised upwards to 2.6% in March

Eurostat had estimated an inflation rate of 2.5% for March. However, this Thursday it was revised upwards to 2.6% due to rising energy prices resulting from the crisis caused by the war in Iran.

Price surge: EU prepares support for fuel and fertiliser purchases

The European Commission is preparing a package of extraordinary measures to address rising fuel and fertiliser prices, among other products. To mitigate the consequences of the war in the Middle East, Brussels has sent a preliminary proposal to member states. It outlines support measures for companies operating primarily in the agriculture, fisheries, road transport, and maritime transport sectors. These are economic areas with high energy consumption. If approved, the proposal would allow states to cover part of the increase in fuel and fertiliser costs. Additional measures to increase support for electricity prices are also included. At the same time, the European Commission (EC) is opening the door to measures such as subsidies for the purchase of natural gas used to produce electricity, subject to case-by-case analysis. It is worth noting that during the 2022-2023 energy crisis, the EC warned the Eurogroup against measures it considered too broad and indiscriminate. Consequently, one of the focuses this time is to keep support measures short-term and cost-controlled for taxpayers. The EU is assessing the risk of supply disruption and rising oil prices via videoconference.

War in the Middle East could push 32 million people into poverty

The impact of the war is concentrated in countries directly affected, such as Lebanon or Iraq, and those dependent on energy imports.

Brussels to present measures regarding the impact of the war on energy prices

The European Commission will propose a “robust coordination”, both through the promotion of joint gas purchases and the coordination of filling reservoirs for the next winter.

Energy. Von der Leyen closes the door on budgetary rule flexibility

European Commission President Ursula von der Leyen rejected the possibility this Monday of activating flexibility in European budgetary rules as a way for governments to respond to the escalation in energy prices due to the war in Iran. “The conditions to activate alternative measures such as the general escape clause or the escape clauses...”

Investors place Brent above 90 dollars by the end of summer

The price of a barrel of Brent crude soared 9.1% this Monday to over 103 dollars, after the US announced a naval blockade of Iranian ports following the collapse of peace negotiations, and investors have made it clear that they do not expect a quick retreat. Brent crude futures contracts...

IMF: Middle East war threatens global growth

Kristalina Georgieva warned of energy and inflation shocks. Oil could fall by 13% and LNG by 20%. The IMF and World Bank spring meetings begin next week.

After the war, the real dispute is Hormuz: why the Gulf matters to Portugal and Europe

Following Donald Trump's recent statements and the conditional suspension of military operations, the central issue is no longer the end of the conflict, but the form of instability that will follow — with direct consequences for energy, markets, and growth in Europe.

Dombrovskis opens the door to a windfall tax on energy companies

The European Commissioner for Economy stated this Thursday that potential taxes on the windfall profits of energy companies, as requested by Portugal, could 'generate additional revenue', while warning of the 'profound economic uncertainty' related to the conflict in the Middle East. 'There are some discussions in some member states about windfall taxes, which, if implemented, could generate...'

Prices must be curbed!

The taxation of windfall profits for oil companies, requested by the governments of Portugal, Spain, Italy, Germany, and Austria from the European Commission, is presented as a response to the cost-of-living crisis. While the measure is understandable, it is insufficient and risks serving as a political alibi to avoid the real debate: price controls. Taxing profits does not lower fuel or grocery costs for struggling families and businesses. There is a clear contradiction: if governments acknowledge 'excessive profits,' they are admitting that prices are excessive, yet they refuse to discuss direct price controls. This issue, particularly regarding food and fuel, must be addressed to stop speculative margins. Beyond immediate relief, the crisis highlights Europe's structural dependence on fossil fuels and the need for a serious energy transition toward renewables and a more resilient, local economy.

Oil will not return to pre-war prices anytime soon

Trump admits to 'tolls' in the Strait of Hormuz, to be collected in partnership between the US and Iran. Congestion and logistical disruptions 'will not be solved overnight', analysts warn.

Unions warn that EU household energy bills will increase by almost 1,900 euros per year due to the war

Energy costs are therefore expected to account for 12% of total household expenditure.