""It's better to be prepared than to regret," he said, stressing that while Europe is not yet in a full-blown supply crisis, officials are planning for "structural, long-lasting effects.""
"Crude oil has climbed above $109 a barrel, up from roughly $70 before the conflict began, while petrol, diesel and jet fuel costs have all risen sharply across Europe."
The global energy crisis, triggered by the conflict with Iran, is leading to fears of fuel rationing across Europe. The European Union is considering various measures, including fuel rationing and emergency oil reserves. Energy Commissioner Dan Jørgensen indicated that while Europe is not in a full-blown crisis, preparations are being made for long-lasting effects. The Strait of Hormuz, a critical oil passage, has been disrupted by Iran, causing oil prices to surge and impacting costs for consumers and businesses.
Read at London Business News | Londonlovesbusiness.com
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