EU hopes against hope on Iran
President Emmanuel Macron of France has offered himself as a broker in the US-Iran Gulf standoff, but the chances of an agreement are small
Macron has launched his initiative aiming to keep alive the Iran nuclear deal, signed in 2015, which the EU continues to support. The EU has also set up an alternative payment system to help European companies trade with Iran outside the US banking apparatus—the Instrument in Support of Trade Exchanged (Instex)—but there are few takers. Many European companies fear penalties against their US subsidiaries if they trade with Iran, along with denial of trade to the US market. Iranian exports to the EU are down 93pc. China, the biggest importer of Iranian oil, is better placed to shrug off US sanctions, yet has cut hydrocarbons imports by at least half, with many exporters having the same concer
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
