EU countries face nearly €41bn in extra fossil fuel costs as Hormuz crisis exposes energy vulnerability

Middle East disruptions have significantly increased fossil fuel costs for European nations, with Italy, the Netherlands, France, and Spain collectively absorbing nearly 41 billion euros. Globally, import bills rose by over 282 billion euros. While clean energy investments have mitigated some losses, organizations are now urging the EU to accelerate the phase-out of fossil fuels.