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EU Grapples With Energy Crisis Amid Hormuz Blockade, Nations Hit With €500 MN Fuel Costs | Watch
Posted
May 2, 2026
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May 2, 2026
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May 2, 20263:37Now PlayingEurope is grappling with a growing energy crisis as officials admit they lack real-time visibility into fuel reserves across the continent. Amid rising tensions linked to the Iran conflict and potential disruptions in the Strait of Hormuz, the European Union is facing surging energy costs—estimated at nearly €500 million per day. While strategic reserves are monitored, large volumes of fuel stored in private inventories remain unaccounted for, raising concerns over supply security. European Commission President Ursula von der Leyen has warned that the crisis could have long-term consequences, highlighting the bloc’s continued dependence on imported fossil fuels. The situation has sparked fears of another major energy shock, following the fallout from Russia’s war in Ukraine.
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