Euro-area finance ministers are considering an emergency session on surging energy prices after an informal Eurogroup meeting in Dublin on September 18. Brent crude is trading above $100 per barrel as winter approaches, with disruptions linked to strikes on Saudi Arabia’s East-West pipeline, broader Middle East conflict, the war in Ukraine and threats from Russian hybrid operations adding to supply concerns. The European Commission has stopped short of declaring an immediate security-of-supply crisis for winter 2026-2027, citing diversified energy imports as a buffer. Ministers discussed fuel VAT and excise-tax cuts, targeted support for vulnerable households and small businesses, and windfall taxes on energy companies. Germany favors an EU-wide approach to avoid competitive distortions, while the European Commission says such taxation remains primarily a national prerogative. Greece has reserved €130 million to €150 million for possible energy subsidies. The response is expected to be more limited than during the 2022 energy crisis, when governments deployed more than €700 billion; current euro-area measures amount to roughly 0.1% of GDP. French President Emmanuel Macron has proposed a G7 meeting on coordinated energy strategies, including joint releases of strategic petroleum reserves. Higher energy costs could intensify inflation after the ECB began easing monetary conditions, while higher sovereign yields constrain fiscal support. The Dublin meeting was presented as a precursor to the October Ecofin session, where formal policy decisions could be taken.