President of the European Commission: The closure of the Strait of Hormuz has cost Europe an additional 127 billion euros Ursula von der Leyen, President of the European Commission, said that due to the economic impact of the crisis caused by the closure of the Strait of Hormuz, European countries have already incurred additional costs of 127 billion euros on oil and gas imports.

President of the European Commission: The closure of the Strait of Hormuz has cost Europe an additional 127 billion euros Ursula von der Leyen, President of the European Commission, said that due to the economic impact of the crisis caused by the closure of the Strait of Hormuz, European countries have already incurred additional costs of 127 billion euros on oil and gas imports.