The energy shock caused by the war in Iran has added about $16 billion so far to the European Union’s fossil fuel import costs, EU Energy Commissioner Dan Jorgensen said, The Wall Street Journal reports.

Prices in the bloc have risen by around 70% for natural gas and are up about 60% for oil since the conflict began.

The EU is working on a set of measures that governments can use to shield households and businesses from rising prices, Jorgensen said, adding that costs could rise even more.

“We should be under no illusion that the consequences of this crisis for the energy markets will be short-lived,” he said. “Because they won’t.”