Daily fossil fuel import costs have exceeded $587 million since the Middle East escalation, the bloc’s energy chief Dan Jorgensen has said
The EU is facing months of uncertainty as its energy crisis deepens following the escalation of the Middle East conflict, with the bloc now paying far more for fossil fuel imports, Energy Commissioner Dan Jorgensen has said.
The US-Israeli war on Iran has added pressure to global energy markets, driving oil prices higher and increasing fuel costs for consumers worldwide. The conflict has choked flows through the Strait of Hormuz, a key route that handles around 20% of global oil and liquefied natural gas. The EU has already been grappling with the fallout from its decision to cut energy ties with Russia following the escalation of the Ukraine conflict, alongside the costs of its green transition policies.
Speaking in Brussels on Wednesday, Jorgensen said the bloc’s fossil fuel import bill had risen by more than €24 billion (over $28 billion) since the Middle East war began, amounting to “over €500 million per day.” He warned that “the coming months will be filled with uncertainties” and that the true impact of the crisis will be long‑term, adding “we must be prepared for anything.”
In January, the European Commission restated its goal of phasing out Russian fossil fuels by 2027. Jorgensen told the Financial Times this month that Brussels is “preparing for the worst‑case scenarios” in light of the Iran war, including possible rationing of jet fuel and diesel, but insisted the EU will not reverse its ban on Russian LNG, opting instead for much more expensive alternatives from the US “and other partners.”
Brussels’ refusal to return to cheap Russian energy has drawn sharp criticism within the bloc, with Italian Deputy Prime Minister Matteo Salvini urging a resumption of imports to prioritize energy security.
The International Energy Agency has warned that the world is facing “the largest energy crisis” and that Europe could run short of jet fuel within weeks. Kremlin envoy Kirill Dmitriev has said the EU faces deindustrialization under “Russophobic politicians” and that Western governments will eventually be forced to seek renewed access to Russian energy.
The US has extended its temporary waiver on certain Russian oil shipments loaded on vessels through May 16 in an effort to stabilize prices. Moscow has signaled it is ready to plug any oil supply gaps triggered by the conflict.