EU Energy Commissioner Dan Jørgensen said releasing strategic oil reserves to cushion soaring prices “is a possibility,” as Washington presses European allies to free up diesel stocks or face a U.S. export ban. The war in Iran and reduced refining capacity have squeezed supply, leaving companies and consumers alike to pick up the bill.
“We've used it before, and we'll likely use it again,” Jørgensen told Euronews’ Maria Tadeo on Thursday. He said EU countries were discussing a coordinated release through the Paris-based International Energy Agency (IEA). EU capitals, he added, make the final decision on whether to release stockpiles.
The Price Pressure
The figures explain the urgency. Brent crude has traded between $97 and $102 a barrel since late September, up $25 to $30 from pre-war levels. U.S. diesel prices surged to $7 a gallon in recent days.
U.S. Treasury Secretary Scott Bessent urged Europe to make new stocks available “immediately,” saying U.S. “farmers, truckers, and businesses should not be left carrying the burden.” President Trump has made the issue a priority ahead of midterm elections.
An EU source said the European Commission held a call on Thursday with several countries, including the UK, to assess different scenarios. Jørgensen said the EU was discussing with IEA members, including the United States, when a release would be appropriate.
Ukraine's Funding Gap
The Commission said Ukraine’s financial and military needs for 2026 are fully covered, ending debate over a $27 billion deficit. “Through coordinated joint efforts, we have identified the means to cover Ukraine’s budget and defence needs for 2026,” the Commission said in a statement Ursula von der Leyen posted Thursday.
Kyiv had flagged the gap in the Ministry of Defence in late August, prompting technical talks. EU officials found the headline figure unexpected and unexplained. The Commission urged Ukraine to pass reforms to unlock the €90 billion support loan. Euronews’ Jorge Liboreiro wrote that “The one-month saga has ended,” adding that the loan is “barely one year old” and that “Reforms are stuck in the Rada.”
Attention now turns to 2027. Ukraine has identified a $78 billion shortfall: $32.6 billion for the budget and $45 billion for the military. Russia’s escalation could increase the military need. The IMF isn’t ready to provide an updated figure. Julie Kozack, Director of its communications department, said the financing gap beyond 2026 depends on the evolution of the war, reforms by the authorities, economic developments and continued support from Ukraine’s international partners.
Kyrylo Budanov, head of the Ukrainian President's Office, told Euronews’ Sasha Vakulina that European security without the United States would be “very dangerous.” He outlined Kyiv’s vision for deeper defence cooperation with Europe.
Asylum Rules Under Strain
Greece proposed suspending the right to apply for asylum in the EU during a mass influx of irregular migrants. Migration and Asylum Minister Thanos Plevris presented the idea to EU counterparts at a ministerial meeting in Luxembourg. The measure could allow returns without individual assessments of asylum claims, potentially producing “collective pushbacks,” which current EU law prohibits.
Athens wants the measure written into the European Emergency Response Framework, a law the Commission is preparing to present in the coming months. The law aims to address irregular arrivals and the instrumentalisation of migration at the EU’s external borders. Greece’s “Special Derogation Regime” would apply in exceptional circumstances: a rapid increase in irregular arrivals, pressure on local infrastructure, and evidence that non-EU countries are organising or facilitating migration flows.
Enlargement and Politics
On her annual tour of the Western Balkans, von der Leyen delivered three messages in Podgorica. She urged Montenegro to resolve bilateral disputes with Croatia, calling them “of utmost importance.” Zagreb has raised issues that risk derailing Montenegro’s ambition to become the EU’s 28th member by 2028, and the Commission is mediating. She also said cross-party support is fundamental to the timeline, after Parliament Speaker Andrija Mandić sent public condolences following Ratko Mladic’s death in August.
“We will look at our institutions, our policies, our budget, what has to be done to be ready to welcome a new member state and to make sure that our union is ready to become larger,” she said. Pre-enlargement policy reviews are expected next week.
Elsewhere, Mediapart published a second wave of screenshots of antisemitic messages attributed to RN leader Jordan Bardella, who denied writing them.
Why This Matters: Energy prices, Ukraine’s funding and asylum law might look like separate files, but they share one test: whether the EU can act together under pressure. A coordinated stock release would require capitals to agree, and the Commission can’t order it. Households and businesses are already paying the cost of higher fuel prices. On asylum, the Greek proposal would ask the Union to weigh emergency powers against a legal ban on collective pushbacks, and the Commission’s forthcoming framework will show how it balances the two. Ukraine’s $78 billion shortfall for 2027 leaves European governments facing another large decision. From a social democratic perspective, the open question is whether joint European tools can deliver protection for citizens and legal safeguards for people seeking asylum at the same time.