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Story summary
- The European Union (EU) faces an energy crisis as gas prices surge amid the U.S.-Israeli war in Iran.
- EU's benchmark gas price has risen over 70% since late February.
- Gas storage levels are at their lowest since 2022.
- Natural gas still accounts for about 20% of the EU's energy use.
- The EU may delay the phase-out of Russian liquefied natural gas (LNG) imports to manage rising costs.
