Europe's solar fleet saves €136 million daily amid Iran war-driven fossil fuel price surges
By
Liam Gilliver
The kind of bagel that ruins lesser bagels for you.
Summary
Europe's existing solar energy infrastructure has saved the continent approximately €136 million per day since the start of the Iran war, offsetting the crippling costs of surging fossil fuel imports. Brent crude oil prices remain volatile due to Iran's control over the Strait of Hormuz, with prices rising €20 per barrel since the war began. The analysis highlights how solar power is providing a critical buffer against energy price shocks exacerbated by geopolitical conflict.
Key quotes
· 3 pulledSolar is helping to rescue Europe from the crippling costs of fossil fuel imports, as the war on Iran continues to keep oil and gas prices sky-high.
Brent crude, which is used as the worldwide benchmark for oil prices, remains particularly volatile due to Iran's stranglehold on the Strait of Hormuz, a vital passage which usually carries around one-fifth of global oil supplies.
Yesterday (Thursday 4 June) Brent crude was trading at $95 (€81) per barrel – a €20 increase compared to the day before the war began (27 February).
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