€100 Billion Energy Bill: Iran War Exposes Europe's Vulnerability

European Union countries have paid over €100 billion extra for energy this year without receiving any additional oil or gas, according to EU Energy Commissioner Dan Jørgensen. The figure surpasses the €100 billion mark, with Europe facing a significant price shock due to disruptions linked to the Iran war.

The conflict has affected global energy markets, particularly in the Strait of Hormuz, one of the world's most important energy corridors. Under normal conditions, this waterway handles around 20% of globally traded oil and significant LNG volumes.

Europe remains heavily reliant on imported energy, with about 80% of its gas requirements coming from outside the EU. The consequences are already visible in trade figures, which show that the EU's oil import bill has risen by 55.8% in the second quarter compared to a year earlier, despite only a 1.2% increase in physical crude imports.

EU gas storage is currently around 70% full, roughly 12 percentage points below the level recorded at the same stage last year. Commissioner Jørgensen has warned governments to continue filling storage or consider reducing demand if necessary.