Europe is losing almost €500 million daily as the Middle East conflict pushes up fossil fuel prices, European Commission President Ursula von der Leyen stated on Wednesday, as instability in the Persian Gulf continues to disrupt global energy markets.

“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,” she told the European Parliament in Strasbourg, The Caspian Post reports, citing foreign media.

On Tuesday, the Wall Street Journal reported that U.S. President Donald Trump has instructed aides to prepare for a prolonged blockade of Iran, a strategy aimed at squeezing Tehran’s economy by restricting shipping to and from its ports. The approach risks further disrupting oil and gas flows through the Strait of Hormuz, through which a quarter of global oil trade and significant volumes of natural gas and fertilizers flow.

Von der Leyen framed the conflict as further proof that the EU should accelerate its shift away from imported fossil fuels and electrify faster.

“The way forward is obvious. We must reduce our overdependency on imported fossil fuels and boost our home-grown, affordable, clean energy supply. From renewables to nuclear, in full respect of technology neutrality," she said.

Von der Leyen said the Commission will present an Electrification Action Plan by the summer, including an “ambitious” EU-wide target. A draft Commission agenda seen by POLITICO showed the plan is now expected on June 10, alongside a broader strategy on strengthening energy security.

The Commission president renewed calls for faster progress on the EU’s Grids Package, which is currently being negotiated by EU lawmakers and governments and aims to upgrade infrastructure to handle more renewable power and rising electricity demand.

She also urged closer coordination on diesel and jet fuel reserves, oil stock releases and output from refineries, measures which are part of Brussels' broader response to the energy crisis unveiled by the Commission last Wednesday