Oil and gas prices won't immediately return to normal even if the Iran war ends, the EU warns

Skyrocketing oil and gas prices in Europe as a result of the ongoing Iran war won't return to normal levels any time soon, even if peace is declared tomorrow, the European Union's energy commissioner warned Tuesday. Commissioner Dan Jørgensen said although there are no immediate oil and gas supply shortages in the 27-member bloc, there's pressure on diesel and jet fuel supply as well as “increasing constraints” in global gas markets that are resulting in higher electricity prices. “What I find extremely important is to state as clearly as I can, that even if that peace is here tomorrow, still we will not go back to normal in a foreseeable future,” Jørgensen told a news conference after a meeting of EU energy ministers.