EU fossil fuel import bill jumps €22bn since Iran war began

European Commission President Ursula von der Leyen announced Monday that the European Union’s fossil fuel import bill has risen by over €22 billion (approximately $26 billion) since the outbreak of the US‑Israeli war on Iran on 28 February. Speaking at a Brussels news conference, she warned that supply disruptions caused by the conflict have had an immediate and severe financial impact across the continent, with further pressure expected even if hostilities end quickly. “This shows the enormous impact this crisis has on our economy,” von der Leyen said.

Dependence Comes at a Cost

“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 EU has been seeking to accelerate its green transition and reduce reliance on imported energy, but the sharp increase in import costs underscores the bloc’s continued vulnerability to geopolitical shocks. The war has also disrupted shipping through the Strait of Hormuz, a key transit route for oil and gas.

Failed Talks and Continued Tensions

The announcement came after US and Iranian delegations concluded 21 hours of talks in Islamabad early Sunday without reaching an agreement. More than 3,300 people have been killed in US‑Israeli airstrikes on Iran since February, and Tehran has launched retaliatory strikes on Israel, Iraq, Jordan and Gulf states hosting US assets before a fragile two‑week ceasefire was announced. Türkiye, which has consistently supported de‑escalation, continues to advocate for diplomatic solutions and has maintained close coordination with all parties to help stabilise the region.