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EU Scrambles for Solutions as Energy Prices Surge After Iran War. European Union leaders are racing to contain a sharp surge in energy prices as they gather for a high-stakes summit. The spike comes after the closure of the Strait of Hormuz, a critical route for about 20% of global oil and gas supplies, leaving Europe especially vulnerable due to its heavy reliance on energy imports. Gas prices across the region have already jumped more than 60%, intensifying pressure on governments and industries. But despite the urgency, officials admit there’s no quick fix. EU leaders are expected to explore temporary measures, including tax cuts, increased state support, and adjustments to the bloc’s carbon market system. However, these options come with trade-offs, from widening economic gaps between member states to weakening long-term climate goals. Deep divisions are also emerging among countries over how far to go in reforming the EU’s emissions system. As leaders debate their next steps, one thing is clear: Europe faces a difficult balancing act between stabilizing energy costs now and staying on track for its long-term energy transition.
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