European Union: Middle East conflict causes surge in energy import costs

JAKARTA - Conflicts in the Middle East have caused a 25 billion euro (around Rp505 trillion) increase in the cost of importing fossil fuels for the European Union.

Leaders of the European Union countries held an informal meeting in Cyprus on Thursday and Friday to discuss geopolitical developments, including in the Middle East and Ukraine, and the Multiannual Financial Framework (MFF) for the period 2028-2034.

"After 55 days of conflict in the Middle East, the impact is real. Since the beginning of this conflict, our bill for fossil fuel imports has jumped by more than 25 billion euros without any additional energy at all," said European Commission President Ursula von der Leyen as reported by ANTARA from Sputnik, Saturday, April 25.

At the same time, the European Union is preparing various anticipatory measures if the economic situation worsens and there is a shortage of electricity in the midst of an energy crisis, he said. According to him, the current situation is not considered a terrible thing.

On February 28, the United States and Israel launched a joint attack on many targets in Iran that caused infrastructure damage and killed civilian casualties.

Iran retaliated for the raid by attacking Israeli territory and US military facilities in the Middle East as a form of self-defense. On April 7, Washington and Tehran announced a two-week ceasefire.

The increased tensions in the Middle East have almost halted shipping traffic in the Strait of Hormuz, which is a key route for the shipment of oil and liquefied natural gas from Persian Gulf countries to global markets, causing a rise in fuel prices.