# Europe Spends $113.5 Billion More on Energy as Hormuz Closure Bites By Riza Dagoc Canonical URL: https://www.tokenpost.com/news/regulation/25390 Published: 2026-09-29T14:41:41.000Z Updated: 2026-09-29T14:41:41.000Z Section: Regulation > Some European consumers are paying nearly 50% more for fuel after the Strait of Hormuz closed, while the bloc received no additional gas or oil. European Union countries have spent more than $113.5 billion extra on energy imports since the Iran war began, while the closure of the Strait of Hormuz has increased diesel risks as winter approaches. Consumers in some European countries are paying nearly 50% more at the pump, with prices exceeding $11 a gallon. The disruption has not delivered additional energy supplies to the bloc, which remains exposed to higher costs and tighter fuel conditions. The Strait of Hormuz carried one-fifth of the world’s traded oil during peacetime. Its closure has increased pressure on European governments as they prepare for the winter season. “Times are serious,” EU energy commissioner Dan Jørgensen said at a meeting of energy ministers in Dublin. Europe imports about 50% of its diesel directly from the United States. The dependence has raised concern over possible U.S. restrictions on diesel exports, although no ban has been announced. Ireland’s climate, energy and environment minister, Darragh O’Brien, said an export restriction would likely hurt economies on both sides of the Atlantic. He also urged the European Union to prepare for supply disruptions. Jørgensen called for faster adoption of electricity and expanded power infrastructure. The goal is to replace imported fossil fuels with energy produced domestically. Finland generates 95% of its electricity from a mix that includes nuclear power, wind, peat and hydropower, environment minister Sari Multala said. The latest pressure follows [an earlier rise in Europe’s diesel costs](), which increased by €203 million a day as supplies tightened. The energy ministers’ meeting comes as Europe weighs how to reduce its dependence on imported fuel while managing higher costs ahead of winter. ## Links in this article - [an earlier rise in Europe’s diesel costs](https://www.tokenpost.com/news/regulation/24176)