Source: International Business Times
A pricing board at a gas station before noon (L) and after noon in Berlin. Oil and natural gas prices have surged since the end of February 2026, when the United States and Israel began attacking Iran, plunging the Middle East into turmoil. Tobias SCHWARZ / AFP via Getty Images/Getty The European Union (EU) is considering temporarily freezing its price cap on Russian oil as the turmoil in the aftermath of the protracted Middle East conflict has resulted in a huge spike in energy prices, Bloomberg reported on SundayThe EU had set a dynamic mechanism in 2025 according to which the cap is automatically adjusted once every six months to remain 15% below the average price of Russia's Urals, according to the news outlet.
