EU Fossil Fuel Import Bill Costs Soar USD26B Since Iran War Erupted

(MENAFN) The European Union's fossil fuel import costs have ballooned by more than €22 billion (approximately $26 billion) since the outbreak of the Iran war, European Commission President Ursula von der Leyen warned Monday.

Speaking at a news conference in Brussels, von der Leyen painted a stark picture of Europe's mounting energy vulnerability, noting that the surge in import costs had accumulated over just 44 days of geopolitical turbulence — with further financial strain expected even if hostilities were to end swiftly.

"This shows the enormous impact this crisis has on our economy," von der Leyen said.

"We are paying a very high price for our overdependency on fossil fuels, and the reality for our continent is fossil fuel energy will remain the most expensive option in the years to come," she added.

The warning comes as diplomatic efforts remain deadlocked. Iranian and US delegations wrapped up 21 hours of negotiations in Islamabad early Sunday without reaching an agreement — the latest setback in efforts to end a conflict that has claimed more than 3,300 lives in US-Israeli airstrikes on Iran since Feb. 28.

Iran has launched retaliatory strikes against Israel, Iraq, Jordan, and Gulf countries hosting US military assets. A two-week ceasefire was recently announced, though the broader conflict remains unresolved.

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