Finance
EU Urges Members to Cut Gas-Storage Targets Due to Iran War, Ft Reports
Published by Global Banking & Finance Review®
Posted on March 21, 2026
2 min readLast updated: March 21, 2026
Quick Summary
The EU has asked member states to lower natural gas storage filling targets to 80% to curb demand amid surging energy prices caused by the U.S.–Israeli war on Iran, with gas futures jumping up to 35% after attacks on Middle East energy infrastructure.
EU Urges Members to Lower Gas Storage Targets as Iran War Drives Energy Prices Up
EU Response to Energy Crisis Amid Iran Conflict
Commission's Call for Lower Gas Storage Targets
March 21 (Reuters) - The EU has urged member states to lower natural-gas storage targets and start refilling reserves gradually to curb demand, as energy prices spike during the U.S.-Israeli war on Iran, the Financial Times reported on Saturday.
Details of the Storage Target Adjustment
Energy Commissioner Dan Jorgensen instructed member states to lower the filling target for their gas storage facilities to 80% of capacity, 10 percentage points below the EU’s official targets, “as early as possible in the filling season to provide certainty and reassurance to market participants”, the newspaper said, citing a letter.
The European Commission did not immediately respond to a request for comment from Reuters.
Impact of Middle East Conflict on Gas Prices
Surge in European Gas Prices
Gas prices in Europe surged as much as 35% on Thursday as Iranian and Israeli strikes targeted some of the Middle East's most important gas infrastructure, doing damage that will likely take years to repair.
Commissioner's Statement on Energy Security
"The EU’s energy supply 'remains relatively protected' Jorgensen said in the letter, calling for a “collective response” to the conflict and warning that “recent developments indicate that it could take longer for (liquefied petroleum gas) production to return to levels known before the crisis”, the FT said.
Importance of Gas Storage for Europe
Gas storage allows Europe to meet winter heating and power demand, underpinning the region's energy security.
“We need to make the targets more flexible,” an EU official told the newspaper.
Policy Adjustments for Gas Imports
Flexibility in EU Gas Import Rules
The commission instructed governments on Wednesday to be flexible in enforcing EU rules on gas imports, in a move designed to ensure the law enforcing its phase-out of Russian energy does not inadvertently hold up deliveries needed to stabilise supplies during the Iran crisis.
(Reporting by Anusha Shah in Bengaluru; Editing by William Mallard)
Key Takeaways
- •EU Energy Commissioner Dan Jorgensen urged lowering gas storage targets to 80% from the standard 90% to provide market certainty amid geopolitical strain (worldenergynews.com)
- •European natural gas prices surged as much as 35% on March 19–21 following U.S.–Israeli strikes and Iranian retaliation damaging key gas and LNG infrastructure (thedailybeast.com)
- •The move allows flexibility in EU gas import rules to ensure deliveries aren’t hampered by rules aimed at phasing out Russian energy, helping stabilize supply during the Iran crisis (apnews.com)
References
Frequently Asked Questions about EU urges members to cut gas-storage targets due to Iran war, FT reports
1Why has the EU urged members to lower gas-storage targets?
The EU wants to curb demand and stabilize energy markets as prices spike during the Iran war.
2What are the new gas storage target levels recommended by the EU?
The EU recommends lowering gas storage targets to 80% of capacity, down from the official 90%.
3How has the Iran conflict affected energy prices in Europe?
Gas prices in Europe surged up to 35% due to strikes damaging crucial Middle East gas infrastructure.
4What steps is the EU taking to ensure energy security during the crisis?
The EU is promoting flexibility in gas import rules and storage targets to stabilize supplies and reassure markets.
5Why is flexibility in energy targets important for Europe right now?
Flexibility helps adapt to supply disruptions and prevents shortages while maintaining regional energy security.
