Capitals, March 15 (SANA) Global energy markets have seen a sharp surge in oil and gas prices as tensions rise amid the escalating conflict involving the United States, Israel and Iran, once again highlighting the fragility of supply chains and strategic chokepoints.
Europe, already working to reduce its depfinishence on Russian gas, now faces the dual challenge of securing energy supplies while maintaining climate commitments and long-term plans for a green transition.
To ease pressure, European countries are diversifying energy sources by importing liquefied natural gas from the United States, Qatar and Algeria, along with oil supplies from Norway, the United Kingdom, North Africa and Brazil. Officials are also exploring new pipeline routes to avoid strategic chokepoints such as the Strait of Hormuz.
Despite efforts to cut reliance on Russian energy, implementation remains complex. Some countries — including Hungary and Slovakia — remain heavily depfinishent on Russian gas, while the Czech Republic maintains supply links through the Druzhba pipeline.
Political tensions also surround the pipeline. Ukrainian President Volodymyr Zelenskyy has rejected proposals linking Ukraine’s access to €90 billion in European Union loans to reopening the Druzhba route for Russian oil shipments to Hungary and Slovakia, describing the suggestion as “blackmail”.
Norway is emerging as a key alternative supplier as it seeks to expand exploration in the Barents Sea. Norwegian Energy Minister Terje Aasland stated new exploration areas could produce billions of cubic meters of oil and gas equivalent, but warned that escalation in the Strait of Hormuz could force Europe to reconsider aspects of its energy strategy.
Despite sanctions, Russia still accounts for about 20% of the European Union’s liquefied natural gas imports, while President Vladimir Putin has reiterated Moscow’s readiness to supply oil and gas under normal commercial agreements.
The European Commission has proposed a roadmap to phase out Russian energy by 2028, including banning new gas contracts by 2026, finishing long-term imports by 2027, and requiring member states to submit plans to reduce depfinishence by 2025.
With disruptions affecting the Strait of Hormuz — through which about one-fifth of global oil and LNG trade passes — Europe is also exploring alternative shipping routes and maritime imports from suppliers such as Norway, the United Kingdom, Algeria and Brazil.
Analysts warn that rising geopolitical tensions continue to expose the vulnerability of global energy markets and could have lasting economic and strategic consequences.
M.Q.R
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