보기: Market Movers Europe, Mar 21-25: Markets look to overcome supply issues and soaring prices

In this week's highlights: Western governments consider response to oil supply squeeze; the EU mulls over measures to combat soaring gas prices; talks to accelerate renewable energy projects; and COVID lockdowns in China a concern for container shipping markets.

But first, in oil, Western governments are grappling with the expected loss of some 2.5 million b/d to global supply, resulting from efforts to isolate Russia.

A variety of responses to the supply squeeze are under consideration, including consumption restrictions and boosting domestic output.

A diplomatic drive is gathering pace to secure more supply from the likes of Saudi Arabia and the UAE while hopes of a breakthrough in nuclear talks with Iran have risen, which could, in the event of full sanctions relief, provide a major boost to supplies.

And that takes us to our social media question for the week: How significant an impact on the market could we expect from an Iran-deal breakthrough? Tweet us your thoughts.

All this will play into the mix as energy ministers from International Energy Agency member countries meet in Paris on Wednesday and Thursday.

We will also be reporting on the views of some of the world's leading commodity market players as executives speak at the annual FT Commodities Summit, kicking off Monday.

In gas and power, EU leaders will gather again in Brussels this week to address record-high energy prices, with proposals to decouple soaring gas feedstock prices from wholesale power price formation.

The European Commission is reviewing emergency measures ranging from price or transaction margin caps to mandatory sales at fixed prices.

Details are due by the end of the month, while in May the Commission will come forward with longer term proposals.

The Commission is also looking at the thorny issue of accelerating permissions for wind and solar projects in member states.

This is one of several measures in the REPowerEU package designed to reduce Europe's reliance on Russian energy.

Missing from the package is any mention of nuclear – but here member states will take their own decisions, notably Belgium, which is on the cusp of extending existing reactors.

In the UK, meanwhile, the focus will be on the spring budget update on Wednesday, and any new financial incentives to increase energy independence.

A British security plan is expected to mirror the EC's goal of front-loading renewables growth this decade.

Will we see progress on a deal for new nuclear reactors at Sizewell C? Watch this space.

Finally, all eyes in the container freight markets remain focused on the southern Chinese city of Shenzhen, currently under lockdown amid a coronavirus outbreak.

Limitations on trucking capabilities are in place, likely impacting the loading and unloading of ships at the port, and potentially resulting in a ripple effect across the region.

Yantian port previously closed in May 2021 due to a COVID-19 outbreak, which pushed ex-Asia container rates to all-time highs, and resulted in bottlenecks at nearby ports. As the market is still yet to recover fully from last year's closure, any news on potential impacts is eagerly awaited.

Many expect a bullwhip effect once factories come back online due to pent-up demand, which could see container rates jump in the coming weeks.

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Thanks for kicking off your Monday with S&P Global Commodity Insights!