US Treasury secretary Scott Bessent says Iran’s Kharg Island storage facilities will be full and their ‘fragile’ oil wells shut in mere days because of the blockade
The European Commission will set out plans today to cut electricity taxes and coordinate the summer refill of countries’ gas storage, as it seeks to cushion the energy fallout from the Iran war.
Draft proposals seen by Reuters show the EU will, for now, avoid major market interventions such as capping gas prices or taxing energy companies’ windfall profits – measures it used in 2022 when Russia cut gas supplies and prices hit record highs.