War, which saw Iran attack Qatar facility, has caused ‘high, volatile’ gas prices that could hit EU storage projections.

The European Union has urged member states to start early on meeting next winter’s gas storage targets after Iranian attacks on Gulf energy facilities caused prices to surge on global markets.

Energy Commissioner Dan Jorgensen sent a letter Saturday urging the bloc’s members to get to work “as early as possible” in the coming months to “mitigate pressure on prices and avoid [an] end-of-summer rush”, asking them to consider cutting their so-called filling target by 10 percentage points to 80 percent.

The move came days after Iran attacked Qatar’s Ras Laffan Industrial City complex, which provides about 20 percent of global supplies of liquefied natural gas (LNG). The attack, which came amid the US-Israeli war on Iran, was in retaliation for an Israeli attack on the Iranian South Pars gasfield.

State-owned QatarEnergy said that Iran’s attack on Qatar, which has been targeted throughout the duration of the war, knocked out 17 percent of Doha’s export capacity and would affect exports for up to five years.

The slowdown will mainly harm Asian buyers, including China, Japan, and India, which buy some 80 percent of QatarEnergy’s LNG.

But Europe, which only sources around 9 percent of its LNG from Qatar, will nevertheless be exposed to increased competition, with tanker traffic leaving the Gulf via the Strait of Hormuz throttled by the war.

Natural gas prices in the EU have risen by more than 30 percent since the start of the war on February 28, spiking after Israel’s attack on Iran’s critical South Pars gasfield and subsequent Iranian attack on Qatar’s Ras Laffan.

Jorgensen said that the EU’s gas supply, which has mainly been furnished by the United States since the bloc weaned itself off Russian energy over the Ukraine war, remained “relatively protected at this stage”.

“But, as a net energy importer on global markets, the resulting high and volatile global prices may also impact the EU gas storage projections,” he cautioned.

Jorgensen warned that developments “threaten regional and global security”, urging member states to refill stores early over a longer period.

The EU requirement for member countries to maintain gas reserves at 90 percent of capacity to meet winter heating and power demand underpins the region’s energy security.

Having cut that target by 10 percent, the energy commissioner noted that, in case of “difficult conditions” and a commission assessment, the countries could deviate by up to 20 percent.

Oil prices have also soared since the start of the war by more than 50 percent.