The European Commission has urged EU member states to urgently start filling their gas storage facilities amid a sharp escalation in the Middle East

The European Commission urged the EU countries to urgently start filling their gas storage facilities to reduce the load on the market amid the war in the Middle East and a sharp rise in global energy prices. Bloomberg writes about it, referring to the letter of the EU Commissioner for Energy Dan Jorgensen.

In the letter, Jorgensen urged member states to lower their targets for filling gas storage facilities to 80 per cent of capacity, 10 percentage points below the bloc's official norms, and gradually start pumping gas to avoid a summer rush that could put pressure on markets. The commissioner stressed that the EU's energy supply remains relatively secure, but collective coordination among all countries is required to minimise the impact of the conflict with Iran.

The head of the EU energy agency Dan Jorgensen noted that countries should finish filling their storage facilities by 1 December, using the flexibility provided by the EU legislation.

It was reported the previous day that the EU was preparing for a prolonged energy shock after Iran knocked out an important gas processing plant in Qatar, heightening the risk of a multi-year supply shortage. Following the attack, gas prices in Europe rose to levels not seen in the past three years and the European Central Bank warned that a prolonged supply disruption could cause eurozone inflation to rise to 6.3 per cent and trigger a short-term recession.

The situation is exacerbated by Iran's blockade of the Strait of Hormuz, a strategically important route for oil transport, which particularly hits Italy and other EU countries dependent on energy imports.

The price of gas in Europe has already risen 35 per cent to €67.35 per megawatt hour. The cost of gas has more than doubled since the start of the US and Israel's war with Iran. The price spike on 19 March was caused by Iranian missile strikes on the industrial city of Ras Laffan in Qatar, where QatarEnergy confirmed widespread fires and serious damage to facilities that provide about 20% of the world's liquefied natural gas exports.