Iran conflict adds €90B to EU fossil fuel import costs, says von der Leyen

European Commission President Ursula von der Leyen has stated that the ongoing conflict involving Iran has led to an additional €90 billion in fossil fuel import costs for the European Union. This figure suggests a significant rise in the EU’s energy expenditure, reflecting heightened geopolitical tensions and disruptions in energy supply chains. The European Commission previously announced the EU’s fossil fuel import bill was €340 billion in 2025, with more than half of its energy still sourced from fossil fuels. The reported increase aligns with a recent surge in European gas prices, reaching levels not seen since early 2023. Key Takeaways Von der Leyen’s statement suggests a significant impact of the Iran conflict on EU energy costs, indicating heightened geopolitical tensions. The €90 billion figure reflects a substantial increase from earlier estimates, consistent with continued supply disruptions. Market pricing implies that increased oil prices due to geopolitical instability could influence expectations on crude oil reaching new highs. What to Watch Observers should monitor developments in the Middle East, as further geopolitical tensions could exacerbate energy supply disr...