EU energy ministers will hold an extraordinary session tomorrow to discuss options for a coordinated approach in the context of the Middle East developments.

According to the EU Council statement, the meeting aims to examine the effects of the Middle East conflict on the European energy market and to identify possible joint measures for price stabilization.

However, sources close to the institutions indicate that no concrete decisions are expected at this session, rather it will serve for information exchange and coordination of positions.

The meeting comes at a time when oil and gas prices are recording rapid growth due to the escalation of the conflict with Iran and fears of supply disruption through the Strait of Hormuz.