European Union spent 127 billion euros on increased fuel import costs

The European Union has spent an additional 127 billion euros on fossil fuel imports following the closure of the Strait of Hormuz, according to European Commission President Ursula von der Leyen. Speaking at the WinWin business summit in Brussels, von der Leyen noted that the bloc is paying significantly more for the same volumes of oil and gas due to international market disruptions caused by the maritime route closure.

The Strait of Hormuz, located between Iran and Oman, is a critical global transit point for hydrocarbons, previously handling approximately one-fifth of the world's traded oil. Von der Leyen emphasized that this reliance on foreign energy exposes European nations to external conflicts and price volatility beyond their control.