EU Energy Commissioner Dan Jørgensen warned Thursday that the current energy crisis is more severe than the 1973 and 2022 oil shocks combined. The U.S.-Iran conflict drives this shortage, creating extreme strain on global energy supplies.
Brent crude prices currently trade near $100 per barrel. Continued disruption in the Strait of Hormuz and persistent military tensions sustain these high costs despite a fragile ceasefire.
Jørgensen’s assessment signals that energy prices will likely remain elevated and volatile. This environment reinforces a bull case for energy producers and ETFs like VDE.