Iran War Adds €100B to EU Energy Bill

The EU has spent more than €100 billion in additional energy costs since the Iran war began and the Strait of Hormuz closed, despite receiving no extra oil or gas; fuel prices have surged, with some consumers paying nearly 50% more at the pump. EU officials warn that Europe is especially vulnerable to diesel disruptions ahead of winter, as about half its diesel supply comes from the United States, and a proposed U.S. export ban has added to concerns. The prospect of a ban has been played down by some officials, but EU ministers say they must prepare for continued high prices and possible supply risks. The bloc is weighing measures to manage demand and protect consumers while accelerating electrification, expanding power infrastructure and reducing reliance on imported fossil fuels.