EU urges lower gas storage target amid war-driven price surge

The European Commission has called on member states to ease gas storage targets, warning that the Israeli-US war in the Middle East is fuelling price volatility across energy markets.

In a letter sent on Saturday, EU energy commissioner Dan Jorgensen asked governments to "consider reducing your filling target to 80 percent as early as possible in the filling season to provide certainty and reassurance to market participants", lowering the usual 90 percent benchmark.

Brussels appears to be moving to calm markets as supply fears intensify. Iran’s response to the US-Israeli war has included strikes on oil and gas infrastructure in Gulf states, disrupting flows and raising alarm over regional energy security.

The escalation has effectively shut the Strait of Hormuz to tanker traffic, a critical chokepoint for global energy supplies, sending fresh shockwaves through already strained markets.