EU energy ministers met today in Luxembourg to discuss soaring fuel prices caused by the wars in Ukraine, Iran, and Yemen, in preparation for the upcoming winter. The EU Transport, Telecommunications and Energy Council stated that discussions would cover short-term supply and price pressures, as well as long-term challenges such as climate change. Current EU energy inventories are only at 75% of available storage capacity, down from 83% at the same time last year. European wholesale natural gas prices briefly touched €100/MWh on Wednesday, the first time since December 2022, and are now roughly three times pre-Iran war levels.