EU petroleum import costs jumped 55.8% to $30.7 billion monthly in Q2 2026, as the Strait of Hormuz crisis inflated global crude prices and added $11 billion to the bloc's monthly energy bill.
USOIL prices have surged due to the closure of the Strait of Hormuz, which has severely restricted global crude supply chains. This supply shock has directly impacted the European Union, resulting in a 55.8% increase in the value of petroleum imports during the second quarter of 2026 despite stable import volumes.
The value of petroleum imports jumped by 55.8% in the second quarter of 2026.
As a global crude benchmark, UKOIL has been significantly impacted by the Middle East crisis, leading to a sharp rise in global prices. The resulting economic strain is evidenced by the EU's additional $11 billion monthly expenditure on petroleum imports compared to pre-crisis levels.
The EU is spending an average of $30.7 billion per month on petroleum oil, representing an $11 billion increase due to the crisis.
The European Union faced a 55.8% spike in petroleum import costs during the second quarter of 2026, reaching a monthly average of $30.7 billion. This $11 billion monthly increase stems from the closure of the Strait of Hormuz, which tightened global crude supplies and forced higher prices despite stable import volumes.
The cost increase was driven by a sharp rise in global crude oil prices following the closure of the Strait of Hormuz, which forced the EU to pay significantly more for the same amount of fuel.