Brussels, 16 October 2026, dtt-net.com – Leaders of EU institutions and heads of state of 27 member countries pledged, yet again, to introduce short- and mid-term measures “both at global and European level.,” hoping to absorb economic shock marred by increasingly high prices of energy affecting the rest of market chain within European bloc’s territory.
A dual crisis drives the urgency. Russia’s ongoing aggression in Ukraine since February 2022, compounded by the Donald Trump administration’s recent attacks on Iran since February 2026, has sent shockwaves through the market.
Gas prices surged by nearly 140% this year alone, while petrol prices doubled. This volatility leaves the EU cornered, exposed by its deep dependency on fossil fuels imports and a sluggish renewable rollout unable to absorb the blow.
In response, EU representatives today in Brussels, promised to do their best to convince “friendly” oil producers to release 100 million barrels of oil and diesel over the next four months.
They also pledged to extend state aid for struggling local companies by a few more months…
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