The Russian invasion in 2022 triggered a massive energy crisis, particularly in Europe, where gas prices — then largely dependent on imports from Russia — soared. Regarding its energy security, “Europe is facing the biggest wake‑up call since the invasion in Ukraine”, said Ana Maria Jaller‑Makarewicz, analyst for the Institute for Energy Economics and Financial Analysis (IEEFA). Fossil fuels produced just 29% of the European Union’s electricity last year, according to research group Ember. The new war meanwhile drove up oil prices by about seven percent on Monday, while European gas prices skyrocketed by more than 30%. European gas prices jumped after QatarEnergy, the state‑owned energy company, announced a halt in LNG production following an Iranian drone attack.

Source: Bangkok Post March 03, 2026 11:05 UTC