In the second quarter of 2026, the European Union spends an average of 27.6 billion euros monthly on oil imports, which shows a 55.8% increase from 17.7 billion euros in 2025. This increase in the import bill has occurred while the volume of imported oil has only grown by 1.2%, rising from 36.3 million tons in 2025 to 36.7 million tons in this year.
Increase in crude oil prices and its impacts
Higher costs are due to the increase in crude oil prices. The average monthly price of Brent crude oil in the second quarter of 2026 has risen to 34 dollars per barrel, reaching 102 dollars. This price increase is due to disruptions caused by tensions in the Middle East and a decrease in oil supply from the Strait of Hormuz, which accounted for about 20% of the world's daily consumption in 2025.
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Shimon Kordas, a senior researcher at the European Council on Foreign Relations (ECFR), has pointed out that ongoing wars in the region have significantly impacted oil production and supply, leading to increased prices. In the second quarter of 2026, the cost of each ton of imported oil has reached 750 euros, close to the peak prices of 2022.
Consequences for consumers and the economy
The increase in oil costs has directly affected fuel prices. In the first week of January 2026, the average price of diesel in the European Union was 1.54 euros per liter, which rose to 2.24 euros by the end of September. European drivers have also felt this increase in gasoline prices, with the price of gasoline rising from 1.60 euros per liter to 2.10 euros.
This increase in costs puts more pressure on households, as consumers are paying more to fill their vehicles. This situation could also lead to rising prices for food and everyday goods, as transportation and energy costs are passed on to end consumers.
Experts expect this increase in costs to continue in the near future. Xiaoyi Mo, a professor at the University of Dundee, has predicted that oil prices will remain high until 2027 due to ongoing tensions and supply disruptions.
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