Europe Scrambles to Ease Fuel Shock as Iran War Lifts Prices

Europe faces a steep energy and fuel price surge driven by the Iran conflict, with Brent crude topping €100 and European gas prices rising around 60%. Countries respond with a patchwork of relief: Spain unveils a €5 billion package cutting energy VAT to 10% and capping fuel prices, Portugal and Italy implement targeted tax relief, and others like Germany, France, Poland, Austria, and Hungary take more cautious steps or price controls. The EU is weighing temporary, targeted emergency measures and easing gas storage targets to reassure markets. The duration of the crisis will hinge on the war’s length and Hormuz developments.