TEHRAN - The European Commission president has warned of severe economic consequences from the recent US-Israeli war on Iran and continued tensions in the Strait of Hormuz.

Ursula von der Leyen said on Wednesday that Europe is losing nearly €500 million per day as the conflict drives up fossil fuel prices and disrupts global energy flows.

Addressing the European Parliament in Strasbourg, she said: “In just 60 days of conflict, our bill for fossil fuel imports has increased by over €27 billion, without a single molecule of additional energy.”

The United States imposed a naval blockade on Iranian ports in mid-April, a move widely seen as escalating the confrontation and tightening pressure on global energy routes. In response, Iran restricted passage through the Strait of Hormuz to vessels linked to its adversaries.

Since the start of the war on February 28, which led to a ceasefire on April 8, energy prices have surged worldwide, with Europe among the hardest hit due to its dependence on imported fossil fuels.

The impact is also being felt in the United States. While President Donald Trump argues that the US does not rely on oil passing through the Strait of Hormuz, analysts say global disruptions are still feeding into domestic markets.

American consumers are seeing higher fuel prices at the pump, with gasoline costs rising significantly, alongside more expensive everyday goods due to increased transport and diesel costs.

Diesel prices have climbed, basic commodities are becoming more expensive, and the cost of living is rising—contradicting earlier assurances from the White House.

Gas prices at the pump in the United States are currently averaging about $4.18 per gallon.

Economists warn that sustained inflation linked to energy markets could become a political issue ahead of the US midterm elections in November.