EU energy ministers will discuss energy security on Thursday on the eve of the winter heating season, while the war with the Islamic Republic and the wars in Ukraine and Yemen have driven up the price of oil and gas. The fighting has damaged refineries in the Middle East and Russia and disrupted energy flows in the Black Sea, the Red Sea, and the Strait of Hormuz.

The European Union’s energy commissioner did not indicate the main issue as a lack of supply. Dan Jørgensen said on Wednesday: “The situation is very serious. It does not appear to be a supply security problem, but I would warn against ignoring it.” He called buying capacity just as urgent, because available supply means nothing for households that cannot afford it.

EU gas reserves are at 75% of capacity, compared to 83% last year. Wholesale gas prices on Wednesday briefly reached 100 euros per megawatt-hour for the first time since the end of 2022, and are now about three times the level before the war with the Islamic Republic.