Wo Xu, CEO of WuXu Energy: Energy shortage may boost the development of offshore wind power in Europe.

Danish energy company rsted said that the Middle East conflict is providing new impetus for Europe's pursuit of energy independence and strengthening the case for developing offshore wind farms. "Europe faces a major task...to ensure necessary energy security, sovereignty, and competitiveness," said rsted CEO Lars Aagaard during the company's annual shareholders meeting. As a major importer of fossil fuels, Europe has witnessed a sharp rise in energy prices in recent weeks. The US and Israel's war on Iran, combined with Tehran's blockade of the Hormuz Strait, has sparked global competition for oil and gas.