EU: Middle East Conflict Causes Surge in Energy Import Costs

Moscow (ANTARA) - The conflict in the Middle East has caused a rise in fossil fuel import costs by 25 billion euros (approximately Rp505 trillion) for the European Union, according to European Commission President Ursula von der Leyen on Friday (24/5).

EU country leaders held an informal meeting in Cyprus on Thursday and Friday to discuss geopolitical developments, including those in the Middle East and Ukraine, as well as the Multiannual Financial Framework (MFF) for the 2028-2034 period.

“After 55 days of conflict in the Middle East, the impact is being felt palpably. Since the start of this conflict, our bill for fossil fuel imports has surged by more than 25 billion euros without any additional energy whatsoever,” von der Leyen said in a press conference following the meeting.

At the same time, the European Union is preparing various contingency measures in case the economic situation worsens and there is a power shortage amid the energy crisis, she said. According to her, the current situation is not considered catastrophic.

On 28 February, the United States and Israel launched a joint attack on numerous targets in Iran, causing infrastructure damage and civilian casualties.

Iran retaliated against the incursion by attacking Israeli territory and US military facilities in the Middle East in self-defence. On 7 April, Washington and Tehran announced a two-week ceasefire.

The escalation of tensions in the Middle East region has nearly halted shipping traffic in the Strait of Hormuz, which is the main route for oil and liquefied natural gas shipments from Persian Gulf countries to global markets, thereby causing a rise in fuel prices.