European Commission President Ursula von der Leyen reported that the conflict involving Iran has increased the European Union's fossil fuel import costs by €90 billion. This rise follows a total expenditure of €340 billion on fossil fuel imports recorded by the European Commission in 2025.
The additional costs reflect disruptions in energy supply chains and geopolitical tensions in the Middle East. European gas prices have recently climbed to levels not observed since early 2023, as more than half of the European Union's energy consumption remains dependent on fossil fuels.
Market analysts are monitoring the influence of OPEC Secretary General Mohammad Sanusi Barkindo and Saudi Energy Minister Abdulaziz bin Salman Al Saud on oil dynamics. Current market projections indicate a possibility that crude oil prices could hit new record highs by December 31.
