European Commissioner for Energy Dan Jørgensen stated that one month of the U.S. and Israeli military operation against Iran has cost the European Union an additional €14 billion due to a sharp rise in energy prices. This was reported by European media citing the Commissioner’s statement.
According to the European Commission, during this period gas prices in the EU rose by approximately 70%, while oil prices increased by 60%. The primary cause is disruptions to supplies through the Strait of Hormuz and broader instability in Middle Eastern energy markets.
Earlier, European Commission President Ursula von der Leyen reported that the first 10 days of the conflict alone cost Europe around €3 billion in additional fossil fuel expenditures, with that figure rising to €6 billion by mid-March.
Jørgensen warned EU member states of possible prolonged disruptions in the energy market and called for measures to reduce fuel consumption, including conservation in the transport sector. The European Commission is considering reinstating some of the crisis-response measures from 2022 to cushion the blow to the economy and households.
The conflict, which began in late February 2026, has already led to a significant rise in inflation across the eurozone and has increased pressure on the European economy, which is still recovering from previous energy crises.
Brussels has emphasized that the physical security of supplies remains intact for now, but rising energy prices continue to pose a serious challenge for industry and households alike.