Brussels Playbook Podcast Europe braces for an energy crisis
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Mar 10, 2026 Nick Vinocur, POLITICO chief foreign affairs correspondent, brings sharp expertise on geopolitics and energy. He explains how Middle East tensions are pushing oil and gas prices up. They explore EU and G7 response options, limits of market tools, and how the crisis reshapes the renewables debate. Politics and regional tensions also factor into the energy outlook.
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EU Energy Vulnerability Reemerges
- Europe is again vulnerable to Middle East disruptions because 67% of EU energy consumption is fossil-fuel based and largely imported.
- The Strait of Hormuz disruptions and halted Gulf production pushed oil above $100 a barrel and gas near €60/MWh, reviving 2022-style exposure.
Policy Limits And Short Term Levers For Prices
- EU tools to blunt price shocks are limited because energy purchases are made by companies, not states, though solidarity measures and joint purchases exist.
- Unlocking strategic oil reserves and G7 releases are the likeliest short-term levers to lower prices.
Green Deal Friction Amid Security Argument
- The Iran war has renewed political momentum for accelerating renewables as an energy-security priority.
- Yet the dominant EPP has been pushing to roll back Green Deal rules, creating tension between security arguments and recent deregulatory pushes.