War in Middle East adds €14bn to Europe’s energy bill in 30 days

The ongoing US-Israeli conflict with Iran has added €14 billion to the European Union’s fossil fuel import bill in just 30 days, according to EU Energy Commissioner Dan Jorgensen. Speaking after an emergency meeting of EU energy ministers in Brussels, Jorgensen said gas prices across the bloc had risen 70 percent since the outbreak of hostilities, while oil prices climbed 60 percent, delivering a severe economic shock to member states.

Energy infrastructure damage to have lasting effects

“Financially speaking, 30 days of war have already added €14 billion to the EU’s fossil fuel import bill. These figures paint a very clear picture,” Jorgensen told reporters. While he noted that the EU currently faces no acute shortage of oil or gas, he warned of tightening markets for diesel and jet fuel, along with ripple effects on electricity prices. “Even if peace comes tomorrow, we will not return to normal in the foreseeable future,” he said, pointing to widespread damage to energy infrastructure in the Middle East.

EU urges fuel savings, prepares crisis toolkit

Jorgensen stressed that the consequences of the crisis will not be short-lived. The Commission is preparing a set of measures to support member states in protecting households and businesses. He recommended adopting fuel-saving measures drawn from the International Energy Agency’s 10-point plan, including lower highway speed limits, promoting telework, encouraging public transport, and implementing car-free rotations in major cities.

Diversification efforts since 2022 crisis pay off

Jorgensen noted that the EU is in a stronger position than during the 2022 energy crisis, having diversified supply sources and expanded renewable energy capacity. He reaffirmed the bloc’s commitment to maintaining the ban on Russian gas imports, stating: “We must never repeat the mistakes of the past. We cannot allow Putin to use energy as a weapon against us.” He added that the EU is exploring closer ties with smaller global producers while coordinating with Asian partners facing even more severe supply pressures.