EU fossil fuel import bill rises by $26B since start of Iran war

European Commission President Ursula von der Leyen said Monday that the bloc's fossil fuel import bill has increased by more than €22 billion (about $26 billion) since the start of the Iran war.

Speaking at a news conference in Brussels, she warned of the growing economic burden of fossil fuel dependence, saying import costs have surged over just 44 days amid geopolitical tensions affecting energy supplies.

She said supply disruptions have had an immediate and severe financial impact across the continent, with further pressure expected even if hostilities end quickly.

“This shows the enormous impact this crisis has on our economy,” von der Leyen said.

“We are paying a very high price for our overdependency on fossil fuels, and the reality for our continent is fossil fuel energy will remain the most expensive option in the years to come,” she added.

"The only lasting way out of the fossil dependency is shifting electricity generation to renewables and nuclear. And electrifying the economy as rapidly as possible," she said.

"We will present our electrification strategy before the summer. Electrifying Europe means making Europe more independent," she underlined.

She also said restoration of freedom of navigation in the Strait of Hormuz was of "paramount" importance.

"The ongoing closure of the Strait of Hormuz is greatly damaging. The restoration of the freedom of navigation is of paramount importance for us," she said.

Von der Leyen also warned there can be no stability in the Middle East while Lebanon is in flames.

Iranian and US delegations concluded 21 hours of talks in Islamabad early Sunday without reaching an agreement.

More than 3,300 people have been killed in US-Israeli airstrikes on Iran since Feb. 28. Iran has launched retaliatory strikes on Israel, Iraq, Jordan and Gulf countries hosting US military assets before a two-week ceasefire was recently announced.

Israel launched an expanded offensive in southern Lebanon after a cross-border attack by Hezbollah on March 2, following joint US-Israeli strikes launched against Iran on Feb. 28.

Lebanon and Israel have agreed to hold talks on April 14 at the US State Department in Washington, DC, with the aim of securing a truce and initiating direct talks.