European Commission President Ursula von der Leyen delivers a speech on "EU strategy on the ongoing Middle East crisis, implications on Energy prices and availability of fertilizers" at the European Parliament in Strasbourg on April 29, 2026.Sebastien Bozon/AFP via Getty Images

Iran war costs EU €500M a day, von der Leyen warns – POLITICO

by · POLITICO

Europe is losing nearly €500 million a day as the Middle East conflict drives up fossil fuel costs, European Commission President Ursula von der Leyen said Wednesday, as turmoil in the Persian Gulf continues to rattle global energy markets.

“In just 60 days of conflict, our bill for fossil fuel imports has increased by over €27 billion, without a single molecule of additional energy,” she told the European Parliament in Strasbourg.

On Tuesday, the Wall Street Journal reported that U.S. President Donald Trump has instructed aides to prepare for a prolonged blockade of Iran, a strategy aimed at squeezing Tehran’s economy by restricting shipping to and from its ports. The approach risks further disrupting oil and gas flows through the Strait of Hormuz, through which a quarter of global oil trade and significant volumes of natural gas and fertilizers flow.