Europe’s Iran Energy Shock Didn’t Have to Happen

The war in Iran is offering a useful lesson for Europe’s leaders: Reducing dependence on fossil fuels isn’t just about improving the environment for future generations — it’s also crucial for economic security right now.

The European Union has found itself especially exposed to the global energy shock the war has caused. Natural gas, mostly imported, accounts for about a fifth of its total energy usage — a share that has hardly changed in two decades. Since the US and Israel started bombing Iran in February, the price of that gas has at times surged by more than 60%. Although much milder than when Russia invaded Ukraine in 2022, the spike is slamming core European industries already struggling with elevated energy costs.