Europe weighs energy-saving measures as Middle East crisis deepens

EU governments could ask households and businesses to cut their energy consumption as the war in the Middle East drives up prices and threatens oil and gas supplies, according to a document seen by Euronews. Energy ministers are set to discuss possible EU-wide demand cuts when they meet next week. But EU-wide demand cuts raise questions over how to protect vulnerable households and whether industry should face restrictions without further damaging the bloc's competitiveness. Gas prices have surged by 140% since the US and Israel launched a war against Iran, while Brent crude was trading at 98 euros a barrel on Wednesday. The war has led to the closure of the Strait of Hormuz, a key chokepoint accounting for 20% of the world's oil and gas transits. Besides reducing consumption, ministers are set to discuss emergency stock releases and financial support. Meanwhile, French President Emmanuel Macron secured diesel from Gulf countries on Tuesday after Saudi Arabia offered additional spot crude cargoes for delivery to Europe. The move followed the G7 agreement to release more emergency oil stocks under pressure from Washington. The International Energy Agency said it is ready to coordinate more emergency oil releases by member countries if they wish to do so in order to counter rising prices.