XLE & Oil

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

OilPrice.com·Oct 29, 2026 · 8:30 AM CT
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Readthrough summary

The value of the European Union's petroleum imports jumped 55.8% in the second quarter of 2026 even though volumes barely changed, according to Euronews Business analysis of Eurostat data, reported by OilPrice.com.

Between April and July, after the closure of the Strait of Hormuz pushed up oil prices, the EU spent an average of $30.7 billion a month on oil imports, up from $19.7 billion in the same months of 2025. With volumes up just 1.2%, that adds up to about $11 billion in extra costs.

Petroleum made up 95% of the increase in the EU's total energy import bill. With crude near a five-month high and record fuel prices in many European countries, import costs are unlikely to fall soon.

Key points

  • Monthly oil import bill $30.7B vs. $19.7B
  • Import value +55.8% in Q2; volume +1.2%

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Read the original at OilPrice.com

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