The EU energy commissioner says that since the start of the Middle East war, the EU has paid more than 100 billion euros in additional costs for fossil fuel imports

The EU energy commissioner says that since the start of the Middle East war, the European Union has paid more than 100 billion euros in additional costs for fossil fuel imports without increasing the volume of fossil fuel imports.

Dan Jørgensen added that we are seeing little progress around the Strait of Hormuz, global geopolitics remains very chaotic, and as a result, prices are highly unstable.

The Brent benchmark crude price has risen from about $70 in the pre-Middle East war period to above $103 on Wednesday, and energy markets have repeatedly experienced oil prices above $110 in recent months.

Meanwhile, the price of gas in European markets has risen from around 40 euros per megawatt-hour in the pre-Middle East war period to 72 euros in the past days.