Energy crisis in Brussels: is Hungary at the heart of the dispute?

The Iran war has triggered a sharp surge in energy prices, thrusting the issue to the heart of the EU’s political agenda. Brussels will host three high-level meetings in a single week, as leaders scramble to respond to the latest shock in energy markets. Hungary has emerged as a key player in these debates, standing in opposition to some of Europe’s largest industrial corporations.

New Energy Crisis Rocks Europe

The Middle Eastern conflict has already sent prices soaring. In just ten days, gas prices in Europe have jumped by around 50%, while oil has increased by 25%. The EU is particularly exposed: it imports roughly 60% of its total energy, with natural gas imports accounting for 90% of consumption, making it highly vulnerable to supply disruptions.

The upcoming Hungarian parliamentary elections on 12 April 2026 add further uncertainty. Investors are closely watching the potential impact of political shifts on energy policy and market stability.

Brussels Scrambles to Find Solutions

The urgency is reflected in the EU’s packed schedule of meetings. Energy ministers, environment officials, and heads of state are all seeking common ground to address soaring prices.

The European Commission has proposed several tools to ease the pressure, including broader use of energy procurement contracts and Contracts for Difference (CfD)-style support mechanisms, targeted state subsidies, reductions in certain national taxes, and even a temporary gas price cap. Energy Commissioner Dan Jørgensen has also called for a review of energy taxation, pointing out that electricity in several member states carries significantly higher taxes than gas.

However, the Commission stresses that these short-term measures are only temporary and must not compromise the EU’s long-term energy strategy, which focuses on electrification, renewable energy, and accelerating energy independence.