Iran war (2026)
Timeline of EU crises
This document is part of the timeline of EU crisis developed for WP2.
Description of the crisis.
On the 28th of February 2026, the United States and Israel launched an attack on Iran. Iran responded with missile and drone strikes on Israel, US military bases and US-allied Arab countries as well as by the closure of the Ormuz Straight, a global shipping strategic route between the Gulf of Oman and the Persian Gulf through which approximately 20% of global production oil passes[1]. One barrel of oil went from approximately 70$ before the beginning of the war to 112$ a barrel in April 2026, before decreasing around 90$ today[2].
The European Union is strongly negatively impacted by this surge in oil prices as it struggles to secure a stable energy supply since it cut off ties with Russia after its invasion of Ukraine[3]. More precisely, on the 22nd of April 2026, it had already spent an additional 24 billion euro on energy imports due to the heightened prices since the beginning of the war, “without receiving a single extra molecule of energy”[4]. The European Union is on the verge of another crisis that could impact households and industry[5].
A timeline of the European Union’s policy response to the oil supply crisis caused by the 2026 Iran war.
(From European Commission (2026a). Commission proposes actions to protect Europeans from the fossil energy crisis and accelerate the shift to clean, homegrown energy.)
On the 22nd of April 2026, the European Commission presented AccelerateEU, a “comprehensive set of actions and measures” to “address rising energy costs and further reduce dependency to volatile fossil fuel markets, particularly in light of the escalating Middle East conflict”[6].
The following actions were proposed:
Coordination. The Commission will ensure that measures at Member State level will be done in full coordination. This includes refilling of underground gas storages, use of flexibilities in filling rules, or any exceptional releases of oil stocks. Oil and Gas Coordination groups meet frequently to ensure full situational awareness among Member States. National emergency measures and measures aimed at ensuring the availability of jet fuel and diesel, including the availability of oil refinery production capacities, should be closely coordinated.
A new Fuel Observatory will be established to track EU production, imports, exports and stock levels of transport fuels. This will enable swift identification of potential shortages and, in the case of emergency stock releases, inform targeted measures to maintain balanced fuel distribution. To mitigate the impact of high fuel prices and possible fuel shortages on the EU aviation sector, the Commission will also provide clarity on existing flexibilities within the EU aviation framework.
Timely, targeted and temporary measures. Protecting consumers, including industry, from price peaks can include targeted income support schemes, energy vouchers and social leasing schemes, lowering excise duties on electricity for vulnerable households. The Commission will also adopt a State Aid Temporary Framework, which will provide additional flexibility for national governments, including emergency measures to support the most exposed economic sectors.
Accelerating the shift to homegrown clean energy to replace oil, gas and fossil transport fuels. By the summer, the Commission will present an Electrification Action Plan. It will include an ambitious electrification target and measures to remove barriers to the electrification of the industrial, transport and building sectors. Swift implementation of the Sustainable Transport Investment Plan is key to accelerate the rollout of sustainable aviation fuels.
Stepping up the grids system. Electrification needs to be accompanied by a grid network which is fit for purpose. First steps are ensuring that current legislation is fully implemented and the negotiations on the European Grids Package are concluded swiftly. Maximising existing renewable energy infrastructure is another action. Rapid repowering of big wind farms and renewable plants, including offshore wind parks and hydropower plants can quickly deliver much needed additional relief. The Commission will also present a legislative proposal on network charges and taxation, ensuring among others electricity is taxed less than fossil fuels.
Boosting investments. Significant resources are available at EU level, such as those under the Recovery and Resilience Facility (‘RRF': €219 billion) and cohesion policy funds. In the current crisis, speed and impact are paramount. The Commission will assist Member States to make maximum use of available EU funding. However, public money alone will not cover the significant investment needs (€660 billion a year until 2030) for the energy transition. To mobilise private investments, the Commission therefore adopted a Clean Energy Investment Strategy in March 2026. The Commission will organise a Clean Energy Investment Summit bringing together the financial services industry, including major institutional investors, industrial leaders, project developers and public financiers to accelerate private financing.
On the 13th of May 2026, in the framework of the AccelerateEU communication, the European commission published a catalogue of national practices aiming at helping EU countries to “reduce oil and gas consumption cut consumption, and deliver immediate savings to households, businesses and public authorities”[7].
References.
European Commission (Online). AccelerateEU to strengthen EU energy resilience.
European Commission (2026a). Commission proposes actions to protect Europeans from the fossil energy crisis and accelerate the shift to clean, homegrown energy.
European Commission (2026b). Commission provides EU countries with practical examples to address energy crisis.
Pacheco, M. (2026). Why is the Straight of Hormuz critical to Europe?. Euronews.
Trading Economics. Crude Oil.
