Closure of the Strait of Hormuz Cost the European Union 90 Billion Euros

European Commission President Ursula von der Leyen announced that the European Union’s additional spending on fossil fuel imports since the beginning of the conflict in the Strait of Hormuz has reached 90 billion euros. Speaking before the European Parliament yesterday, von der Leyen said, “Since the start of the conflict in the Strait of Hormuz, fossil fuel imports have cost us an additional 90 billion euros, without delivering a single additional unit of energy.” The Commission President stressed the need for the EU to more actively develop its own clean energy sources, including renewable and nuclear energy. European gas prices surpassed the $1,000 threshold for the first time since December 22, 2022. Experts and analysts believe that disruptions to liquefied natural gas supplies from the Gulf, combined with Europe’s decision to abandon Russian gas without ready and sustainable alternatives, have exacerbated the energy crisis, raised production costs, and weakened the competitiveness of European industry.