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European Union countries have paid more than €100 billion extra for energy this year without receiving additional oil or gas, according to EU Energy Commissioner Dan Jørgensen, as disruption linked to the Iran war drives another energy shock through the European economy.
Speaking ahead of an informal meeting of EU energy ministers in Dublin, Jørgensen said Europe had “surpassed €100 billion” in additional spending.
“We have now surpassed €100 billion that we’ve paid extra for our energy this year without receiving one extra molecule of gas or oil,” he said in the European Commission’s recording of his remarks.
The figure puts a direct cost on the price shock which has followed disruption to oil and liquefied natural gas supplies associated with the conflict involving Iran.
The effective closure of the Strait of Hormuz has disrupted one of the world’s most important energy corridors. Under normal conditions, the waterway handles roughly one fifth of globally traded oil and significant LNG volumes.
Europe remains heavily exposed because most of the oil it consumes and about 80 per cent of its gas requirements come from outside the EU.
The consequences were already visible in trade figures published before the latest ministerial meeting.
Europe was therefore paying substantially more without materially increasing the amount of energy it purchased.
The pressure has intensified as winter approaches.
EU gas storage is around 70 per cent full, roughly 12 percentage points below the level recorded at the same stage last year. Jørgensen has warned governments to continue filling storage or consider reducing demand if required.
Possible measures include limiting temperatures in public buildings, restricting outdoor heating and switching off unnecessary public lighting, according to recommendations circulated to governments ahead of the Dublin meeting.
The informal meeting of EU energy ministers focused on energy affordability, security of supply and Europe’s continuing exposure to international fossil-fuel markets.
Irish Energy Minister Darragh O’Brien described the situation as the second major fossil-fuel shock Europe had faced in four years and argued that domestic clean-energy production was essential if the EU wanted to reduce its vulnerability to future crises.
Europe is in a stronger physical position than during the 2022 energy crisis.
It has expanded LNG import infrastructure, increased renewable electricity generation and reduced gas demand. It has also sharply reduced its dependence on Russian pipeline gas.
But that restructuring has created different dependencies.
European buyers now compete more directly for LNG on global markets, meaning events in the Gulf, Asia or the United States can rapidly affect the price paid by European consumers.
EU Today reported earlier this month that reduced LNG availability and disruption around Hormuz had left European gas storage at historically weak seasonal levels.
Diesel presents another problem.
Europe became more dependent on imported refined products after reducing purchases from Russia, with the United States now supplying approximately half of EU diesel imports.
Washington has considered restrictions on diesel exports as domestic US prices rise. European officials have urged the Trump administration not to introduce such measures, warning that they would increase pressure on international markets.
Emergency reserves provide some protection.
EU countries are required to maintain strategic oil stocks, while the International Energy Agency coordinated a release of 400 million barrels from member-country reserves earlier this year.
France and Germany hold a particularly large share of Europe’s strategic diesel inventories. Further releases remain possible if international markets deteriorate, although no new coordinated decision has yet been taken.
The current crisis is also feeding into the EU’s longer-term energy debate.
The security argument extends beyond climate policy. An EU Today Research Desk paper published in June examined how concentrated fossil-fuel supply routes and maritime chokepoints can transmit geopolitical shocks into European prices, infrastructure and industry.
The current disruption provides a practical example.
Europe has not bought substantially more fuel, but it is paying tens of billions of euros more because the international price of the energy it imports has risen.
The immediate concern is whether supplies and gas inventories will be sufficient through the coming winter without another sharp increase in prices.
The longer-term question is how much of Europe’s energy demand can be moved away from imported fossil fuels before another geopolitical crisis produces the same result.
For EU governments, Jørgensen’s €100 billion figure provides a measure of the cost of that dependency.
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China called the latest US threats of secondary sanctions on airline service-providing companies across the world an illegal unilateral measure without any basis in international law. The US said the sanctions would be applied if these companies do not stop providing services to Iranian airlines.
China said they “firmly oppose illicit unilateral sanctions that have no basis in international law and lack UN Security Council mandate,” Guo Jiakun, official spokesperson of its Ministry of Foreign Affairs said during a regular press conference on Wednesday, September 23.
China’s reaction came on the same day the latest US sanctions against Iran went into effect.
The US Treasury Secretary Scott Bessent has asked companies across the world who are involved in providing services such as refuelling, ticketing, and other kinds of ground support to stop serving Iranian airlines starting at midnight on September 23. If they fail to comply they will be “locked out of the dollar system,” Bessent threatened.
The latest sanctions against its airlines is part of the recently announced US attempt to completely isolate Iran from the global economy in order to pressure its government to re-open the Strait of Hormuz.
Iran has shut down the Strait of Hormuz following the resumption of US airstrikes as well as Washington’s attempts to bypass Iranian control over the waterway in the Persian Gulf since July. Iran has claimed that those American moves were in violation of the peace deal signed under international mediation in June.
The adoption of new sets of sanctions is widely seen as an indication of Washington’s failure to achieve its objectives in Iran militarily, even after seven months of war, which began on February 28.
Iran has reiterated that no amount of economic coercion will open the Strait of Hormuz. They listed the withdrawal of the US naval blockade, the unfreezing of its international assets, and an end of the war on all fronts in the region as preconditions for opening the Strait.
Air blockade
While some of the countries in the region cancelled Iranian flights to their airports in fear of US sanctions, Iran claimed most of its international flights remained scheduled and operational. Some countries also decided to close their airspace for Iranian airlines.
Iraq has diverted most of the Iranian flights from its Baghdad airport to Najaf.
If the flights remain suspended for a significant number of countries for a longer duration it would amount to an air blockade on Iran. This will have an effect on thousands of people employed in the aviation sector in the country which is already heavily facing tremendous economic troubles due to existing sanctions
A prolonged suspension of flights could also impact hundreds of thousands of Iranians who have to travel out of the country for medical or other reasons.
Iran has maintained that unilateral US sanctions are illegal and an “act of terrorism” against Iranian people. It has urged the nations across the world to not succumb to the unilateral actions of the US.
Chief of Iran’s Supreme National Security Council Mohsen Rezaei, in an interview on Wednesday, warned neighboring countries against submitting to US pressure to shut down Iranian flights, claiming such acts will force Iran to retaliate.
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