Strasbourg, March 11, 2026
European Commission President Ursula von der Leyen said on Wednesday the Middle East conflict has imposed heavy economic costs on Europe, driving up energy prices and adding billions of euros to import bills.
“Since the beginning of the conflict, gas prices have risen by 50 per cent and oil prices by 27 per cent,” von der Leyen told the European Parliament in Strasbourg. She said 10 days of war had already cost European taxpayers an extra 3 billion euros (3.48 billion US dollars) for fossil fuel imports, Xinhua News Agency reported.
Von der Leyen said the European Commission is assessing additional measures to lower energy bills, including a possible cap on gas prices.
She said the EU had diversified its fossil fuel supplies in recent years, but “this does not mean that we are immune to price shocks. Energy markets are global.”
The surge marks the second time in recent years that geopolitical conflict has triggered sharp rises in EU energy costs, following the Russia-Ukraine conflict in 2022.
The Commission is also pushing nuclear power to boost production and cut prices. Von der Leyen announced Tuesday a 200 million euro (231.75 million dollar) EU guarantee to support private investment in innovative nuclear technologies.
EU Energy Commissioner Dan Jorgensen urged member states Tuesday to cut energy taxes where possible, particularly on electricity, to lower consumer bills.
The Commission on Tuesday also unveiled a Clean Energy Investment Strategy aimed at channeling private financing into power grids, clean energy technologies and energy efficiency.
On February 28, Ursula von der Leyen expressed serious concerns over the latest developments in Iran, while reaffirming its steadfast commitment to safeguarding regional security and stability. The EU stated that it remains in close contact with the partners in the region.
“The developments in Iran are greatly concerning. We remain in close contact with our partners in the region. We reaffirm our steadfast commitment to safeguarding regional security and stability. Ensuring nuclear safety and preventing any actions that could further escalate tensions or undermine the global non-proliferation regime is of critical importance,” Ursula von der Leyen posted on X.
“The European Union has adopted extensive sanctions in response to the actions of Iran’s murderous regime and the Revolutionary Guards and has consistently promoted diplomatic efforts aimed at addressing the nuclear and ballistic programmes through a negotiated solution.
In close coordination with EU Member States, we will take all necessary steps to ensure that EU citizens in the region can count on our full support. We call on all parties to exercise maximum restraint, to protect civilians, and to fully respect international law,” she added.(Agency)
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