EU Oil Import Costs Surge $11 Billion Monthly Amid Middle East Supply Disruption
Source Summary
The European Union's petroleum import bill rose by $11 billion per month following Middle East supply disruptions that closed the Strait of Hormuz and triggered a global fuel crisis. EU oil import values jumped 55.8% in the second quarter of 2026 despite stable import volumes, with the bloc spending an average of $30.7 billion monthly on petroleum between April and July, according to Eurostat data analyzed by Euronews Business.
Why it matters
The $11 billion monthly increase in EU oil costs directly raises energy expenses for European consumers and businesses, with material implications for inflation and economic competitiveness.
