EU Oil Import Costs Surge by €10 Billion Monthly Amid Middle East Conflict

OPA WIRE, Oct 29 (OPA) — The European Union spent an average of €27.6 billion monthly on petroleum oil imports during the second quarter of 2026, a sharp increase from the €17.7 billion monthly average recorded in 2025. Data indicates that import volumes remained largely stagnant, rising only 1.2% to 36.7 million tonnes per month. Consequently, the cost per tonne surged from €487 to €750, reaching levels not seen since 2022.

Market analysts attribute the price spike to the ongoing conflict involving the United States, Israel, and Iran. Prof. Xiaoyi Mu of the University of Dundee noted that Brent crude prices rose 49.5% compared to 2025 averages, adding $34 per barrel. With approximately 20% of global oil supplies typically transiting the Strait of Hormuz, the reduction in secure transit has forced prices upward to balance global markets. Szymon Kardas of the European Council on Foreign Relations added that the EU’s 90-95% dependence on external oil imports leaves the bloc particularly vulnerable to these supply chain shocks.

Energy costs now dominate the EU’s import bill, accounting for 95% of the €34.2 billion increase in total energy spending during the second quarter. While petroleum costs soared, spending on natural gas and coal saw only marginal fluctuations. This inflationary pressure has translated directly to the consumer level, with diesel prices reaching €2.24 per litre in September 2026, surpassing the previous 2022 peak of €2.03. Filling a standard 50-litre tank now costs approximately €107, compared to €77 at the start of the year.

Economic experts anticipate that these elevated costs will persist as the geopolitical situation remains unresolved. Higher insurance premiums and shipping rates, which may not be fully captured in the second-quarter figures, are expected to exert further upward pressure on prices through the remainder of 2026. Analysts warn that the sustained energy squeeze will likely force households to reduce discretionary spending, as increased fuel costs ripple through transport, agriculture, and manufacturing sectors.