EU energy ministers to discuss soaring fuel prices

Updated / Thursday, 29 Oct 2026 00:55

Getty

EU energy ministers will meet to discuss energy security ahead of the winter heating season as the wars in Iran, Ukraine and Yemen send oil and natural gas prices soaring.

Fighting has damaged refineries across the Middle East and Russia, and hampered oil and gas flows through vital shipping lanes in the Black Sea, Red Sea and the Strait of Hormuz.

"We ‌are in a very ⁠serious situation now. It does not look like we have a security of supply issue but I would warn against neglecting that," EU Energy Commissioner Dan Jorgensen told reporters.

He said affordability was just as urgent an issue, arguing that available supply meant little ‌to households and businesses that could not afford it.

The Commission began talks with European refineries yesterday to find ways ⁠to boost output, including through the possible easing of some technical specifications.

Western ‌powers also agreed this month to accelerate the release of over 400 ⁠million barrels ‌of emergency oil stocks after US pressure.

EU countries will also discuss a Commission proposal to cut electricity bills through tax and grid fee reforms, such as by taxing electricity at a lower ⁠rate than natural gas.

The EU is entering the winter heating season, with stocks ⁠at only 75% of available storage , versus 83% a year ago.

European wholesale gas prices briefly touched €100/MWh for the first time since December 2022 when Europe was reeling from the loss of most of its Russian pipeline gas supply.

Prices have been rising as the conflict in the Middle East escalated, and ‌are now trading at around triple pre-Iran war levels.