JAKARTA - European Union Energy Commissioner Dan Jorgensen said gas prices in the European Union have risen by 70 percent and oil prices have risen by 60 percent since the beginning of the conflict in the Middle East.
"Since the beginning of the conflict in the Middle East, prices in the EU have experienced a 70 percent spike for gas and 60 percent for oil. In financial terms, during the 30 days of the conflict, an additional 14 billion euros (about Rp273 trillion) has been added to the EU's fossil fuel import bill," Jorgensen said, quoted by ANTARA from Sputnik, Wednesday, April 1.
On February 28, the United States and Israel launched a joint attack on a number of targets in Iran, including in Tehran, causing damage and civilian casualties. Iran then retaliated by attacking Israeli territory and American military facilities in the Middle East.
Escalation of the conflict around Iran has led to a de facto blockade of the Strait of Hormuz, which is the main route for the shipment of oil and liquefied natural gas from Persian Gulf countries to global markets. The situation also impacts the level of oil exports and production in the region.
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