Closure of Strait of Hormuz costs Europe $142 billion in energy expenses

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European Commission President Ursula von der Leyen reported that the European Union spent an additional €127 billion ($142 billion) on imported oil and gas since the closure of the Strait of Hormuz, without receiving any increase in energy supply. The closure of the waterway, which historically carried one-fifth of global traded oil, disrupted a region that…

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