Europe is losing 500 million euros daily due to the closure of the Strait of Hormuz.
Europe is losing 500 million euros daily due to the closure of the Strait of Hormuz.
2026-04-22
Shafaq News – Brussels
The European Union’s energy commissioner, Dan Jorgensen, revealed on Wednesday that additional energy expenditures since the start of the US-Israeli war against Iran have reached 24 billion euros, equivalent to about 500 million euros per day.
Jorgensen said the energy market situation remains bad even in the best-case scenario, adding: “We are facing a bad situation and expect difficult months,” according to Reuters.
The commissioner warned of a possible jet fuel supply crisis in six weeks, noting that global liquefied natural gas prices will not stabilize or decrease over the next two years.
Jorgensen had said on Tuesday that next summer would be difficult for Europe even in the best of circumstances, due to fuel shortages resulting from the US-Israeli war on Iran and the closure of the Strait of Hormuz, noting that the European Union was preparing measures to reduce the impact of the war on jet fuel supplies.
He added to reporters in Madrid: “If we have to, we will redistribute our jet fuel resources and share them.”
For his part, EU Transport Commissioner Apostolos Tzitzikostas said that without the return of permanent freedom of navigation through the Strait of Hormuz, the consequences would be “catastrophic” for Europe and the world.
This comes after warnings from European airlines that there will be a shortage of jet fuel within weeks due to the war that closed the Strait of Hormuz.
About 75% of Europe’s jet fuel supply comes from the Middle East.
shafaq.com
