The energy shock triggered by the US-Israeli war on Iran is “probably the worst ever”, Taoiseach Micheál Martin has said, warning that the fallout could outstrip even the supply crisis of the 1970s. Iran shut the Strait of Hormuz after the United States and Israel launched attacks on the country on 28 February. Mr Martin made the remarks after talks with Finnish Prime Minister Petteri Orpo in Helsinki, before heading to Warsaw for a meeting with Polish Prime Minister Donald Tusk. The discussions are part of a wider round of…

With the war’s economic shockwaves still rippling through energy markets, Ukrainian President Volodymyr Zelensky has called on Russia to agree to a reciprocal pause in strikes on energy infrastructure, arguing that such a move could help calm pressure on global oil prices. Mr Zelensky told reporters that Kyiv was prepared to mirror any such step if Moscow stopped targeting Ukraine’s energy network. "If Russia is ready to stop hitting Ukrainian energy facilities, we will not respond against their energy sector," he said. He…

Katya AdlerEurope EditorThursday March 19, 2026 Turbulence in the Middle East has sent a fresh shudder through Europe’s energy system, stirring memories of past shocks that rattled the European Union. Seven months after Russia launched its full-scale invasion of Ukraine in February 2022, the President of the European Commission rose in the European Parliament to charge Moscow with distorting the EU’s energy market. "They prefer to flare the gas than to deliver it," proclaimed Ursula von der Leyen, as spiralling energy…

European Union energy ministers will meet today to weigh options for curbing energy costs, as Brussels drafts emergency plans to blunt the impact of surging oil and gas prices triggered by the Iran war and the closure of the Strait of Hormuz. The European Commission is preparing a package to shield households and businesses from soaring bills, according to EU officials familiar with the talks. Measures under consideration include targeted state support for energy-intensive industries, temporary cuts to national taxes and…

G7 weighs release of strategic oil reserves as IEA signals no immediate action G7 finance ministers are expected to discuss a possible coordinated release of strategic oil reserves as the war in the Middle East rattles energy markets, a French government source said today. The International Energy Agency, which coordinates emergency actions among major importers, said there is “plenty of oil in the market” and no collective action is planned for now, even as it keeps “all options” open. The debate comes as U.S. benchmark…

Somalia, U.S. open high-level trade talks in Mogadishu, eye energy and critical minerals amid rising offshore interest Wednesday March 4, 2026 Mogadishu (AX) — Somalia and the United States held high-level talks in the capital on Tuesday to expand bilateral trade and investment, with a sharp focus on energy and critical minerals, officials said. The meeting — formally convened inside Somalia for the first time — was cast by both sides as a marker of growing confidence in the country’s security and economic trajectory. The…

Russia launched one of its largest recent aerial barrages against Ukraine overnight, firing waves of drones and missiles at power plants, substations and rail lines across multiple regions, injuring dozens and setting off fires, officials said. President Volodymyr Zelensky said Russia sent 420 attack drones and 39 missiles — including 11 ballistic missiles — in a coordinated strike aimed at the country’s energy sector and other critical infrastructure. “Last night, Russia once again waged war on critical infrastructure and…

France’s minority government survived twin no-confidence votes after pushing a new energy law through by decree, but the more consequential shift may be outside the chamber: a new poll indicates voters are now more inclined to block the hard left than the far right in runoffs, signaling a potential realignment of the country’s political guardrails. The motions were filed by the far-right National Rally (RN) and the hard-left France Unbowed (LFI), underscoring how both fringes sought to capitalize on the government’s reliance…

BUDAPEST/KYIV/DUBLIN — Hungary’s Prime Minister Viktor Orban accused Ukraine on Wednesday of preparing to disrupt Hungary’s energy system and ordered soldiers and equipment deployed to protect critical infrastructure, escalating a dispute over a shutdown of the Druzhba oil pipeline that has choked Russian crude deliveries to Hungary and Slovakia. Orban, speaking in a video posted to his Facebook page, said the Druzhba outage was for “political, not technical, reasons,” and cited intelligence reports pointing to possible…

ANKARA, Türkiye — Türkiye on Thursday denounced Greece’s new agreement with U.S. energy major Chevron to explore for hydrocarbons south of Crete, calling the move unlawful and contrary to good-neighborly relations in the Eastern Mediterranean. “We oppose this unlawful activity, which is being attempted in violation of the 2019 Memorandum of Understanding on Maritime Jurisdiction between Libya and our country,” the Turkish Defense Ministry said at its weekly briefing. The ministry added that while the work does not directly…