Von der Leyen Says Hormuz Closure Has Cost Europe an Extra €127 Billion
Speaking at the WinWin Summit in Brussels, the Commission president tied the bill to Europe’s reliance on imported oil and gas and urged a faster clean transition.
Choose Clash Report as a preferred source and see our reporting first in Top Stories.
Ursula von der Leyen said Hormuz’s closure cost Europe an extra €127 billion in fuel imports. The European Commission president spoke at the WinWin Summit in Brussels on Tuesday, Nov. 3, 2026, Eunews reported.
She used the figure to argue that Europe must cut its dependence on imported oil and gas.
What She Said
She said imported fossil fuels cost Europe €127 billion more “without a single molecule of energy in addition,” ANSA reported. She dated the extra cost to the period “since the closure of the Strait of Hormuz.”
She said: “When we import oil and gas, we risk importing the shocks and crises that come with them.” The clean transition, she added, is also “about Europe’s competitiveness and independence.”
Hormuz and the Iran Standoff
Iran effectively closed the strait after the US-Israeli attack in late February, Rapporteur reported. About a fifth of the world’s seaborne oil and liquefied natural gas passed through it before the war.
Her remarks came a day after US forces struck Iran’s Qeshm Island in what Washington called a “defensive measure.” Brent crude traded near $106 a barrel at noon CET on Tuesday, Rapporteur reported.
US-Iran talks remain stuck, and Mohsen Rezaei said Washington’s reply was not convincing. The IEA warned Europe faces a winter gas shortage without an Iran deal.
Her Three Priorities
Von der Leyen named three priorities for making Europe the best place to start, scale and lead companies. They were the single market, the clean transition and artificial intelligence.
On the single market, she promoted EU Inc., the so-called “28th regime.” It would let entrepreneurs set up a company online within 48 hours for less than €100.
She said the Scaleup Europe Fund invested in eight companies in two months. It helped them raise close to €5 billion.
Europe will become the first climate-neutral continent by 2050, she said, with a 90% emissions cut by 2040. Emissions covered by the EU Emissions Trading System have fallen about 50% while the economy grew 30%.
The system raised over €270 billion in revenue, she said. The Commission aims to mobilise €100 billion through an Industrial Decarbonisation Bank.
On AI, she said Jim Snabe is Special Envoy for Industrial Artificial Intelligence. Autonomous vehicles could cut pedestrian accidents by over 90%, she said.
Kamer Kurunç
Kamer Kurunç is the Team Leader of Clash Report and has led the outlet for four years. He oversees its breaking world news coverage, from the Middle East and the Russia-Ukraine war to defense and global politics. His focus is fast, verified, source-based reporting. Follow him on X at @kamerknc.
Choose Clash Report as a preferred source and see our reporting first in Top Stories.