The European Union has warned that energy prices in Europe are likely to stay high, even if the conflict in Iran ends today.

Dan Jørgensen, EU Commissioner for Energy and Housing, said oil and gas costs have already risen sharply since the war began – natural gas prices up about 70% and oil by 60% in just one month. The conflict has added an estimated $16.2 billion (€14 billion) to Europe’s fossil fuel import bills.

“Europe should not expect energy prices to return to pre-crisis levels quickly,” Jørgensen said at an informal EU energy ministers’ meeting.

While there are no immediate shortages of oil or gas, diesel and jet fuel supplies are tightening, and global gas market pressures are affecting electricity costs. The closure of the Strait of Hormuz has trapped LNG shipments from Qatar and the UAE, and Iranian missile attacks have damaged Qatar’s LNG production.

Asian buyers are outbidding Europe for the remaining supply, making it harder to refill gas storage ahead of winter.

The EU Commission is coordinating measures to secure gas storage and oil supplies and plans to introduce a set of actions to help protect households and businesses from the ongoing energy crisis.

European industries and electricity systems, which depend heavily on gas, are already feeling the effects of the new energy challenges.