Von der Leyen estimated the EU’s losses from the war in the Middle East at €3 billion in 10 days
European Commission President Ursula von der Leyen said that in the first 10 days of the war in the Middle East alone, the European Union had spent an additional €3 billion due to rising gas and oil prices.
According to von der Leyen, during this period gas prices in the EU had increased by 50% and oil prices by 27%. As a result, European taxpayers had to pay an additional €3 billion for fossil fuel imports. She stressed that this situation once again demonstrated how important it is for the European Union to develop its own energy sources.
“We have our own energy sources. Renewable energy sources and nuclear energy. Their prices have remained unchanged over the past 10 days,” the European Commission President said.
She also reported that the EU is preparing steps to reduce the impact of high gas prices on the cost of electricity. Possible solutions include more effective implementation of bilateral long-term agreements between renewable energy developers and government agencies, government support, and possible subsidization or capping of gas prices.
Meanwhile, oil prices are rising on global markets. Fuel market expert Serhiy Kuyun explained that the military operation by the US and Israel against Iran on February 28 caused a sharp jump in prices. The cost of a barrel of oil rose from $72 to $117, and diesel fuel on the London Stock Exchange from $762 to $1,360 per ton. This affected the cost of fuel both in Europe and in Ukraine.
On March 9, the price of oil exceeded $100 per barrel for the first time since 2022. Amid the operation against Iran, US oil futures rose by 18%, while Brent rose by 16%.
In addition, the Donald Trump administration announced a plan to insure tankers passing through the Strait of Hormuz after marine insurers refused to cover vessels in the region. The White House also announced its intention to organize military escort, but a specific mechanism has not yet been announced.
At the same time, it became known that the US Treasury Department is considering the possibility of easing sanctions on Russian oil to compensate for the deficit on the world market that has arisen due to the aggravation of the situation around Iran.
