A trio of European energy CEOs has sounded a warning over energy supplies, amid the ongoing conflict in Iran and restricted access through the strategically vital Strait of Hormuz.

Amid volatile trade, crude prices have surged around 40% in recent weeks, at one point approaching $120 a barrel as investors raised concerns over a potential lack of supply.

Those concerns have been felt particularly in Asian countries so far, with the Philippines announcing an energy emergency, while South Korea says it is preparing for “worst-case scenarios.”

Japan’s Prime Minister Sanae Takaichi has asked the International Energy Agency to consider an additional release from global crude stockpiles, with the global energy watchdog having already coordinated the release of 400 million barrels of oil amongst member countries.

Japan will release national stockpiles on Thursday, with Takaichi confirming Tokyo will access the IEA stockpiles toward the end of the month.

But now there are fears the supply concerns will move westward.

“South Asia was first to get that brunt. That’s moved to Southeast Asia, Northeast Asia and then more so into Europe as we get into April,” Shell CEO Wael Sawan said at CERAWeek in Houston, Texas.

Sawan warned governments not to take actions that could magnify the impact of supply disruptions, adding that you cannot have “national security without energy security.”

Governments across Europe have already started introducing measures to shield households from rising energy costs.

Slovenia became the first country in Europe to introduce fuel rationing, Spain approved a 5-billion-euro ($5.8 billion) aid package, which included tax reductions on electricity and gas, as well as subsidies for transport operators, farmers and for the purchase of fertilizers.

European Union leaders have also discussed temporary measures to mitigate the impact of rising energy prices.

TotalEnergies CEO Patrick Pouyanné said the current oil products market is “dislocated,” telling CNBC that this is why “you see the impact in many countries, in Europe, on the gasoline price, diesel price, people being very unhappy.”

The U.S.-Israeli war on Iran is a “misadventure” whose goals and exit strategy remain unclear, Russia’s ambassador to the U.K. told CNBC.

Andrey Kelin said Russia has “a lot of sympathy” with Tehran and said “the best end” to the escalating Middle East war is for it to “show only that they are senseless.”

“We still are trying to understand, what are the goals of President Trump in this campaign. You know that lots of doubts have been expressed about the exit strategy that the American administration can have in this endeavour,” Kelin told CNBC’s Steve Sedgwick in an interview recorded on Thursday.

Russian President Vladimir Putin sent a message to Iran’s new supreme leader, Mojtaba Khamenei, earlier this week, offering his “unwavering support” to Tehran and saying the country “has been and will remain the Islamic Republic’s reliable partner.”

The war has been raging for two weeks, with heavy strikes reported across Iran’s capital city and shipping traffic through the strategically vital Strait of Hormuz severely disrupted.

The White House has said the objectives of Operation Epic Fury have been to destroy Iran’s ballistic missile arsenal and production capacity and its navy, sever its support for proxies in other countries and ensure Iran can never acquire a nuclear weapon.

The White House said on Thursday these objectives “have remained unchanged unambiguous, and consistent” since the operation began on Feb. 28.

“We have a lot of sympathy with Iran. We have a lot of sympathy as well with the Persian Gulf states, there is no doubt at all. As for the beginning, I cannot understand the position of when everybody is blaming Iran,” Kelin said.

“[The] crisis has started with the, as I have said, with Israel and U.S. aggression against Iran and it was in the middle of talks, of course,” he continued, referring to negotiations over Iran’s nuclear program held in the Swiss city of Geneva last month.

“My president discussed this issue with the president of the United States, and we can make a good contribution by the way to finish it, to wrap it up.”

CNBC has contacted a spokesperson at the White House and Israel’s Foreign Ministry and is awaiting a response.

Alongside China, which has received millions of barrels of oil through the Strait of Hormuz even as war chokes the waterway, Russia stands as one of Iran’s most influential diplomatic partners.

U.K. Defense Secretary John Healy told reporters on Thursday that Putin’s “hidden hand” appears to be behind Iran’s military playbook as well as potentially some of Tehran’s military capabilities.

Iran has reportedly fired off more than 2,000 Shahed drones across the Middle East since the war began. These drones, which were first designed in Iran, have been used extensively during Russia’s invasion of Ukraine.

Ukrainian President Volodymyr Zelenskyy said earlier this week that the Kremlin’s own assessments estimate that more than 1.3 million Russian soldiers have been killed and wounded on the battlefield since Russia launched its full-scale invasion of Ukraine in February 2022. CNBC could not independently verify this report.

A report from the Center for Strategic and International Studies published in January said Russian battlefield casualties are significantly greater than Ukrainian fatalities, with Ukrainian forces likely suffering somewhere between 500,000 and 600,000 casualties.

Kelin said he was sure that both Moscow and Kyiv would eventually agree to a diplomatic resolution to the war.

“I cannot say when it is going to happen, but a diplomatic solution is badly needed,” Kelin said.

Kelin said The U.S. was “playing a constructive role in this diplomatic effort,” but added: “Since Ukraine is not prepared at the moment and since Europe still prefer to back up Ukraine as much as possible, to supply it with weapons, with money … making no efforts to solicit or to help this diplomatic solution, this will last for some time.”

U.S-brokered talks on the Ukraine war have been put on hold due to the Iran conflict, with U.S. Special Envoy Steve Witkoff telling CNBC on Tuesday that the discussions would now likely take place next week. Ukraine’s Zelenskyy had urged the U.S. not to remove sanctions on Russia ahead of those talks, although the White House has since moved to temporarily lift sanctions on Russian crude at sea.

The European Union’s foreign policy chief, Kaja Kallas, recently said there appears to be “no end in sight” to Russia’s full-scale invasion of Ukraine.

Speaking at a news conference on Monday, she said it is clear Russia’s army was “bogged down” and its economy is in steep decline.

“Russia’s maximalist demands cannot be met with a minimalist response,” Kallas said. “It’s just common sense, if Ukraine’s military is to be limited in size, Russia’s should be too.”

Many European policymakers appear to still be smarting from U.S. Vice President JD Vance’s tough words about the region at last year’s Munich Security Conference.

So, it’s perhaps not too surprising that U.S. Secretary of State Marco Rubio’s comments on Saturday at this year’s event underscoring the U.S. and Europe’s common heritage, goals and challenges have come as something of a relief in European capitals.

“[Rubio] delivered a speech which still assured us that we stand together in this partnership between Europe and the United States,” German Foreign Minister Johann Wadephul told CNBC in an interview on the sidelines of the conference. “Of course, there are some questions which we will have to discuss, but in the end of the day, his message was clear that we were so successful in the past, and we should do the job once again with new threats, with new tests in the 21st century.”

On Saturday, Rubio said the U.S. has no intention of abandoning its deep alliance with Europe and wants the region to succeed.

“We want Europe to be strong,” he told the gathering of defense and security officials in the German city. “We believe that Europe must survive, because the two great wars of the last century serve, for us, as history’s great reminder, that ultimately, our destiny is, and will always be, intertwined with yours.”

Contrast that to Vance’s message to the same crowd last year, when he spoke of the “retreat of Europe from some of its most fundamental values, values shared with the United States of America.” He lambasted his audience about the health of their democracies, their migration policies and freedom of speech.

While Rubio’s tone might have been more conciliatory than Vance’s, the underlying issues remained the same, as some conference attendees acknowledged.

“Of course, there were some issues he raised. We would answer differently when it comes to the migration problem, when it comes, of course, to question how we organize our legal framework here in Europe with regard to the digital services. And of course, also with the question of freedom of speech and so,” Wadephul said.

U.S. President Donald Trump has frequently criticized Europe for its open migration policies, for being too reliant on the U.S. for its security and has pushed NATO allies to boost defense spending. His pursuit of ownership of Greenland, a Danish territory, has also rattled European leaders in recent months.

“The message we heard (from Rubio) is that America and Europe are intertwined, they have been in the past and will be in the future,” the EU’s chief diplomat, Kaja Kallas, said at a panel discussion on Sunday. “I think this is important. It is also clear that we don’t see eye-to-eye in all the issues and that this will remain the case. But I think we can work from there.”

Europe is “totally on the sidelines” on the global stage as “wrecking ball” politics has become the norm, the head of the continent’s biggest security forum has said.

Speaking to CNBC’s Annette Weisbach ahead of the Munich Security Conference (MSC), Wolfgang Ischinger, the organization’s chairman, said it was Europe’s “own fault” that its power on the global stage has been diminished.

“Europe has failed to speak with one voice to China and about China, Europe has failed with one voice, to come up with a clear concept about the future of the Middle East, including about how to deal or not to deal with the Iranian nuclear question,” said Ischinger, who is a former German ambassador to the U.S.

Earlier this week, the MSC published its 2026 report, for which Ischinger wrote the foreword. It warned that “the world has entered a period of wrecking-ball politics,” where “sweeping destruction … is the order of the day.”

The report said that U.S President Donald Trump was “at the forefront of those who promise to free their countries from the existing order’s constraints and rebuild stronger, more prosperous nations,” arguing he was just one movement “driven by resentment and regret over the liberal trajectory their societies have embarked on.”

Ischinger told CNBC that Europeans were “totally on the sidelines” on negotiations around Gaza and Ukraine.

“We have no role. Things have been decided by others,” he said. “When I look at the war in Ukraine, Europe has no place,” he said, adding the U.S. and Russia were leading discussions.

U.S. delegates have been helming peace talks with officials from Ukraine and Russia since late 2025, with European officials scrambling to maintain a say on how to end the four-year war between the two countries.

“Why the hell do we not have a place at the table? This is our continent. It’s our future,” Ischinger said on Friday. “The answer, of course, is not that Donald Trump is making a mistake. The answer … is that we have failed to speak with one voice.”

Ischinger added that he rejected “the blame game regarding the United States,” but for areas where Europe “clearly failed” to adopt a strategic position.

Delegates from all over the world are gathering for the Munich Security Conference on Friday. The event runs through Sunday.

Ischinger told CNBC that the “wrecking ball” was “being used by many” in addition to Trump, including right-wing extremist parties across Europe and Russian President Vladimir Putin.

But he called Trump “the single most prominent example” of someone who “questions existing arrangements and tries to replace them.” “That is for countries like Germany, which have been so dependent on the existing international rules … a worrisome development,” he added.

CNBC reached out to both the White House and the Kremlin for responses to the MSC’s commentary.

Transatlantic trust had also been damaged by Trump’s push for the U.S. to annex Greenland, Ischinger said.

After weeks of rhetoric on bringing the Arctic island — a Danish territory — under Washington’s control, Trump threatened to impose tariffs on European allies who stood in his way, before announcing a “deal” on Greenland had been reached.

Since Trump’s return to the White House, European leaders have been making commitments to drastically increase security spending. Last summer, European members of NATO agreed to raise defense spending to 5% of their individual national GDP — a move Trump had been pushing for for some time.

The spending plans have bolstered European defense primes, some of which have seen their shares more than double in value, while order backlogs have hit record levels.

Ischinger told CNBC Europe needed “to create a more consolidated, a more competitive, a more unified defense industry.”