The closure of the Strait of Hormuz cost Europe 127 billion euros in higher fossil fuel prices, Ursula von der Leyen said at an event in Brussels.

In the same speech, she argued that imported fossil fuels had cost Europe 127 billion euros more “without bringing one extra molecule of energy”. About a fifth of the oil and liquefied natural gas (LNG) transported by sea worldwide passed through Hormuz before the US-Israeli attack on Iran in late February, which led Tehran to effectively shut the strategic waterway.