While European nations are cobbling together policy fixes for the energy crisis, there are fears that the real supply crisis brought on by the Strait of Hormuz closure and the war in Ukraine cannot possibly be fixed by policy alone

Last updated: September 28, 2026 10:48

By - Remix News Staff -

European governments are racing to blunt a fuel shock that even some analysts now refuse to forecast, as Brent crude holds near $100 a barrel and diesel prices climb across Europe.

Contents

• Diesel shortages are acute
• Europe-wide crisis
• Targeted aid is running in parallel
• Larger packages are still moving through parliaments

The international oil market has been expensive for months. What has changed is the confidence of the people paid to explain it. JPMorgan told clients on Sept. 17 that, for the first time since fighting began around Iran about seven months earlier, its commodities team no longer has a baseline view of how the disruption ends. 

“We simply don’t know how to model the endgame,” the bank’s analysts wrote, after several economic thresholds they once assumed would force a diplomatic off-ramp, including oil above $100 a barrel, had already been crossed.