United Statescyprus

The European Union proposed "AccelerateEU" to navigate the Iran war-driven crisis, which it says it could reverberate for years. The plan aims to curb energy prices and address potential fuel shortages without undermining the bloc's climate ambitions or triggering damaging competition between nations. EU leaders are set to discuss the plan at a meeting in Cyprus. Bloomberg's Oliver Crook reports from Nicosia.

The oil market has been roiled by the Iran war, with prices swinging wildly. For regions most dependent on Gulf exports, the strain is already apparent, with wider, global implications on the horizon.

The US-Israeli attacks on Iran have triggered a regional crisis and sent energy prices skyward. In the US, President Donald Trump's decision to go to war also could hurt his party in an election year.