economy
March 13, 2026
Oil getting more expensive, Brussels denies crisis
The price of gas on European stock exchanges rose by 4.2 percent yesterday, reaching a value of 53.06 euros per megawatt-hour. Since the outbreak of attacks by Israel and the USA on Iran on February 28, the price of this strategic energy source in the EU has increased by 92 percent, according to London's "Economist". But Brussels, convinced of the importance of diversification and the green-nuclear transition, still sees no reason for excessive excitement, especially not for a possible return to Russian energy sources.
TL;DR
- Gas prices in Europe rose 4.2% to €53.06/MWh, a 92% increase since late February due to the Israel-US strikes on Iran.
- The EU views returning to Russian fossil fuels as a strategic mistake, prioritizing diversification and green-nuclear transition.
- The International Energy Agency warns of the biggest disruption to the global oil market in history due to Middle East conflict.
- OECD's plan to release 400 million barrels from strategic reserves failed to stabilize oil prices, with Brent crude exceeding $100/barrel.
- Attacks on tankers in Iraq and drone strikes in the Persian Gulf have disrupted shipping through the Strait of Hormuz.
- Asian LNG customers are facing critical supply shortages, with some having only days or weeks of reserves.
- Washington is reportedly discussing potential easing of energy sanctions against Russia with Moscow to lower global oil prices.
- EU leaders, including Ursula von der Leyen and Charles Michel, oppose easing sanctions against Russia, advocating for a price cap on Russian oil.
- EU members are divided on extending sanctions against Russia, with Slovakia announcing it will vote against the renewal.
- Hungary opposes a €90 billion EU loan to Ukraine, while the EU emphasizes energy transition for strategic autonomy.
- Houthi threats to close the Bab el-Mandeb strait and target nuclear facilities add further instability to global energy security.
Continue reading the original article