Iran War Hikes EU’s Oil Import Bill By $11 Billion Per Month

The European Union has been paying $11 billion more to import oil since the Middle East crisis choked crude oil supplies and triggered a global fuel crisis, an analysis by Euronews Business showed on Thursday. 8% in the second quarter of 2026, despite the relatively stable volume of imports, according to Eurostat data. 7 billion euros in the same period in 2025.

9 billion euros more on oil imports in April-July compared to a year earlier. Petroleum accounted for 95% of the increase in the EU’s total energy import bill in the second quarter, the analysis showed. Import costs are unlikely to drop significantly soon, as crude oil prices remain close to a five-month high and fuel prices spiked to record highs amid a tight global fuel market.