The conflict in the Middle East shows no signs of easing. The Strait of Hormuz remains closed, numerous oil and gas facilities in the region have suspended operations, and countries are scrambling to secure alternative supplies, tap into strategic reserves, and even resort to improvised measures to stabilise their domestic energy markets.

A series of retaliatory attacks between Israel and Iran in recent days has seriously destabilised regional security and raised concerns about a potential new economic shock.

The European Union (EU) has just taken another step in its efforts to cool down the energy crisis as member countries have agreed on a common deal to buy gas.

With an increase in gas imports from the US and savings in power use, the European Union (EU) can avoid a "gas disaster" this winter. However, despite the temporary relief of worries about the energy crisis, big challenges still await the bloc’s countries in 2023.

The increasingly serious energy crisis in the European Union (EU) has not only caused consequences for economic and social stability in member countries but also threatens to cast a shadow over the prospects for realising the bloc's climate goals.

Amid the shortage of energy supplies and sharp price increases, Europe has been seeking measures to cool down in the short term, as well as solutions for long-term stabilisation.