Since the onset of the crisis in the Middle East, the European Union has spent an average of 11 billion dollars more on oil imports. This analysis shows that the value of oil imports for the European Union increased by 55.8 percent in the second quarter of 2026, while the volume of imports has remained nearly stable.
Details of the Cost Increase
According to Eurostat data, between April and July, following the closure of the Strait of Hormuz, which raised oil prices, the European Union has spent an average of 30.7 billion dollars (27.6 billion euros) per month on oil imports. In the same period in 2025, this figure was about 19.7 billion dollars (17.7 billion euros).
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Despite the fact that the volume of imports has only increased by 1.2 percent, experts estimate that the European Union has spent 11 billion dollars (9.9 billion euros) more on oil imports than last year during this period. This increase is mainly due to rising oil prices and increased import costs.
Economic and Social Consequences
This increase in costs has resulted in 95 percent of the total increase in the European Union's imported energy costs in the second quarter of 2026 being related to oil. Given that crude oil prices have reached near their highest level in the past five months, it is expected that import costs will not significantly decrease. This situation, alongside rising gasoline and diesel prices in many European countries, has put significant pressure on consumers.
Governments are trying to find ways to alleviate this pressure on consumers, while registrations of electric and hybrid vehicles have surged. In September 2026, registrations of electric vehicles increased by 60 percent, while sales of gasoline vehicles decreased by 20.6 percent. These changes indicate a major shift towards electric and hybrid vehicles.
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