Europe pays more for nearly the same oil.
BRUSSELS, BELGIUM
The European Union’s petroleum import bill has surged by nearly €10 billion per month, exposing the continent’s continuing vulnerability to geopolitical disruptions in global energy markets. During the second quarter of 2026, EU countries spent an average of €27.6 billion monthly on petroleum imports, compared with €17.7 billion in 2025, despite purchasing almost the same volume of oil.
The 55.8% increase in expenditure contrasts sharply with a rise of just 1.2% in imported quantities, from 36.3 million to 36.7 million tonnes per month. This divergence illustrates how international price volatility can impose substantial economic costs even when energy consumption and import volumes remain relatively stable.
According to figures examined by Euronews Business, the average cost of imported petroleum increased from €487 to €750 per tonne, approaching the record levels experienced during the energy crisis of 2022. The figures highlight the financial consequences of supply disruptions associated with the conflict involving the United States, Israel and Iran.
The Strait of Hormuz remains central to the crisis. Approximately 20 million barrels of oil and petroleum products passed through the strategic maritime corridor daily in 2025, representing roughly one-fifth of global consumption. Interruptions to tanker movements and uncertainty surrounding regional production have contributed to higher international crude prices.
Xiaoyi Mu, a professor at the University of Dundee, estimated that average Brent crude prices during the second quarter of 2026 were 49.5% higher than the 2025 monthly average, equivalent to an increase of approximately $34 per barrel. The escalation demonstrates how disruptions affecting a concentrated energy transportation corridor can transmit price shocks across international markets.
Europe’s exposure is particularly pronounced because of its dependence on imported petroleum. Eurostat data indicate that external sources accounted for 96.6% of the European Union’s oil requirements in 2024. This structural reliance leaves the bloc sensitive to geopolitical instability, maritime transportation disruptions and competition from other major importing economies.
The pressure extends beyond crude oil markets. European consumers have experienced substantial increases in transportation fuel prices, with average diesel costs rising from €1.54 per litre in early January to €2.14 by October 19. Gasoline prices also increased, reaching approximately €1.99 per litre after peaking at €2.10 in September.
For households, higher fuel expenses reduce disposable income available for food, housing and other essential purchases. Businesses face additional costs through freight transportation, agricultural equipment, industrial production and distribution networks. These expenses can gradually affect consumer prices, although the scale and timing of their transmission vary across economic sectors.
The broader energy import figures reveal the magnitude of the shock. In the second quarter of 2026, the European Union spent €115.6 billion on energy imports, compared with €81.4 billion during the same period of 2025. Petroleum products accounted for approximately 95% of the €34.2 billion increase, making oil the dominant contributor to the deterioration.
Szymon Kardas, a senior policy fellow at the European Council on Foreign Relations, has warned that supply disruptions could continue affecting European markets into 2027. His assessment reflects uncertainty surrounding the duration of regional hostilities and the reliability of maritime transportation through the Persian Gulf.
Competition for global supplies adds another complication. European importers must compete with major Asian economies, particularly China, while producers and shipping operators adjust to security risks and changing trade routes. Higher insurance p