EU Commission President von der Leyen says Europe's dependency on fossil fuels have cost it EUR 3bln in extra costs in the first 10 days of the Iran war, returning to Russian fossil fuels in the current crisis would be a strategic blunder

President von der Leyen's comments highlight the escalating economic impacts of the Iran war on Europe, showcasing a loss of EUR 3 billion due to reliance on fossil fuels. This underlines the urgent need for diversification away from Russian energy, as the EU seeks strategies to mitigate high energy costs through purchase power agreements and potential subsidies. The geopolitical landscape is driving a fundamental shift in energy policy, which could have significant implications for commodities and the overall market stability.