European drivers face €220 a year jump in fuel costs due to Iran conflict, say experts

Experts warn that European drivers could face an extra €220 annually in fuel costs due to rising oil prices caused by the conflict in Iran. A sustained oil price of $100 a barrel could cost EU drivers an additional €55 billion per year, according to Transport & Environment (T&E). In the UK, analysts estimate an extra £140 in annual fuel costs for drivers doing 8,000 miles a year. The increased oil prices are widening the cost advantage of electric vehicles, with potential savings for European electric car drivers reaching €40 million a day. Analysts emphasize that Europe's dependence on imported fossil fuels makes it vulnerable to geopolitical instability and price shocks, highlighting the need for prioritizing renewable energy sources and electric vehicles.

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