Soaring oil and gas prices in Europe resulting from the ongoing war involving Iran will not return to normal levels any time soon, even if peace is declared tomorrow, the European Union’s energy commissioner warned on Tuesday.
Commissioner Dan Jørgensen said that although there are no immediate shortages of oil and gas supplies across the 27-member bloc, there is pressure on diesel and jet fuel supplies, as well as “increasing constraints” in global gas markets, which are driving up electricity prices.
