Europe is not facing an immediate fuel supply crisis despite renewed tensions in the Middle East, but the continent remains dangerously exposed to fossil fuel supply and price shocks and must rapidly electrify its economy while resisting calls to return to Russian energy, top energy leaders told Euronews.
Energy Commissioner Dan Jørgensen and International Energy Agency (IEA) chief Fatih Birol insisted that Europe should not interpret any ceasefire in the Middle East as a return to normal, warning that disruption to the Strait of Hormuz could send oil prices sharply higher and reignite inflationary pressures.
