EU Deploys Emergency Measures as Energy Price Shock Deepens

Facing a fresh energy-price shock tied to the Iran war, the European Commission unveiled emergency steps to coordinate jet fuel, diesel and other transport fuels, bolster refining capacity, and launch a Fuel Observatory to monitor stocks and prevent shortages, while shielding households and energy-intensive industries; long-term goals include accelerating a homegrown, renewables-led energy transition and electrification to reduce dependence on imported fossil fuels after Europe spent about $28 billion on energy imports since the crisis began.