The cost of fossil fuel procurement for the European Union increased by approximately $142B as a result of the de facto shutdown of the Strait of Hormuz. European Commission President Ursula von der Leyen announced that the €127B spending spike provided no additional energy to the bloc, meaning member states paid more for the same volume of imports.
Von der Leyen warned that this financial impact underscores the risks of relying on foreign oil and gas, which leaves the EU vulnerable to price volatility during regional crises. She called for an accelerated transition toward clean energy to reduce the region’s dependency on imported fuels and avoid similar costs in the future.