Iran war strains energy market as oil supply risks rise

The European Union has postponed the proposed new methane emission rules by a year and this comes as EU braces for a difficult winter which is driven by soaring oil and gas prices linked to the US Iran war. Energy Commissioner Dan Jorgensen made the proposal on Tuesday after an informal meeting of energy ministers in Dublin saying that the delay would help relax pressure on energy markets. Jorgensen said that Brussels does not foresee supply security problems but does expect very high prices. Gas prices in Europe have more than doubled and EU has paid over 100 billion euros extra for energy this year without receiving any additional gas or oil. The French president we're looking into these opportunities I've already stated that on the methane regulation a very important regulation for Europe we stick to the objectives we stick to our ambitions but I'm proposing now that we take part of it the parts that are connected to imports and postpone the set in force date with one year. This will relax hopefully also the markets on this and help in the direction that amongst others the French president has suggested. The rules due to take effect in 2027 would require oil and gas importers to monitor and report methane emissions. Diesel prices at EU pumps have already hit record highs this month and a possible US diesel export ban which is backed by president Donald Trump could worsen the situation. As Europe heads into winter the commission is balancing its climate commitments against the need to protect supplies and shield consumers from high energy costs.