European Union energy ministers are set to discuss the consequences of the Middle East conflict, which has resulted in rising energy prices for consumers and businesses. The first 10 days of the war alone, gas prices in the EU rose by 50% and oil prices by 27%, causing additional costs for fossil fuel imports worth €3 billion. The war involves Iran, Israel, and the United States, marking the second major geopolitical shock in recent years to drive up energy costs. The EU will also consider a proposal by the European Commission to improve cross-border electricity grids and accelerate permitting procedures.