Bloomberg: European Commission President Ursula von der Leyen warned that Europe could face long-term consequences from the US-Israeli war in Iran, with impacts potentially lasting months or even years.
Speaking before the European Parliament in Strasbourg, she said: “There is also a harsh reality we all need to face: the consequences of this conflict may echo for months or even years to come.”The war has disrupted energy markets after Iran blocked the Strait of Hormuz, a key route for global oil and gas shipments. As a result, Europe is facing higher energy prices and concerns over shortages of fuel, jet fuel, and fertilizers.
Von der Leyen said the EU has spent an additional €27 billion ($31.6 billion) on fossil fuel imports since the conflict began in late February. According to the Bruegel think tank, EU countries have also allocated over €10 billion to protect consumers and businesses from rising energy costs.
The European Commission recently proposed initial measures to address the crisis, but EU leaders are pushing for stronger action. However, they remain divided, with some favoring gradual steps while others call for a larger immediate response.
