Europe’s energy costs have risen sharply in 2026 as Middle East tensions push oil prices higher. New figures show that the European Union spent an average of €27.6 billion a month on petroleum oil imports in the second quarter, almost €10 billion more than during the same period in 2025.
The increase came despite only a modest rise in the amount of oil imported, highlighting how much the price of crude and related transport costs have changed. The pressure is already being felt by motorists, businesses and households across the bloc.
EU oil import costs rise faster than volumes
According to the figures cited in the report, the EU’s monthly petroleum oil import bill increased by 55.8%, from €17.7 billion in 2025 to €27.6 billion in the second quarter of 2026.
Import volumes, however, changed very little. Average monthly imports rose from 36.3 million tonnes to 36.7 million tonnes, an increase of just 1.2%. The difference was therefore driven primarily by higher prices rather than substantially greater demand.
- Average monthly oil import spending: €27.6 billion in the second quarter of 2026
- Average monthly spending in 2025: €17.7 billion
- Monthly import volume: 36.7 million tonnes, compared with 36.3 million tonnes
- Cost per tonne: €750, up from €487
Across the full second quarter, the EU spent €82.7 billion on petroleum oil imports, compared with €50.3 billion a year earlier. Volumes increased from 105.2 million tonnes to 110.2 million tonnes over the same comparison.
Why Europe’s oil bill is increasing
The central factor has been the rise in crude oil prices following tensions in the Middle East. The report cites analysis that Brent crude averaged 49.5% more in the second quarter of 2026 than in 2025, equivalent to an increase of about $34 per barrel.
Disruption and uncertainty around the Strait of Hormuz have added to concerns about global supply. The waterway is a major route for oil and petroleum products, and changes in tanker traffic can quickly affect market expectations, shipping costs and insurance premiums.
Europe is particularly exposed because it relies heavily on imports from outside the EU. Eurostat data cited in the report put the bloc’s oil import dependency at 96.6% in 2024. This means that geopolitical disruption can affect European energy costs even when the quantity of oil arriving in the EU remains broadly stable.
Strong global demand is another factor. European buyers are competing with large markets in Asia, including China, for available supplies. When supply becomes less secure while demand remains firm, import prices can rise rapidly.
Oil dominates the wider energy import increase
The rise in petroleum spending accounts for most of the increase in the EU’s broader energy import bill. In the second quarter of 2026, the EU spent €115.6 billion on energy imports, up from €81.4 billion in the same quarter of 2025.
Petroleum oils represented €32.4 billion of the €34.2 billion increase. Gas imports rose by €1.6 billion and coal imports by €0.4 billion, while spending on liquefied natural gas fell slightly.
Higher oil costs are reaching drivers
Fuel prices have followed the increase in wholesale oil costs. Average EU diesel prices rose from €1.54 a litre at the start of January 2026 to €2.24 by the end of September, before easing to €2.14 on 19 October.
That October price was still 38% above the level at the beginning of the year and higher than the reported 2022 peak of €2.03. Petrol prices also increased, moving from €1.60 a litre in early January to €2.10 at the end of September, before falling slightly to €1.99.
For motorists, the practical effect is significant. Filling a 50-litre diesel tank costs approximately €107 at the reported October price, compared with about €77 in January.
What higher oil prices mean for households and businesses
Fuel is only one part of the economic impact. Diesel is widely used in freight transport, buses, agriculture, heating and industrial activity. As a result, higher oil costs can spread through supply chains even when consumers do not buy petrol or diesel directly.
- Transport: Freight operators and public transport providers may face higher fuel and operating costs.
- Food: More expensive farm machinery, deliveries and refrigeration can add pressure to food prices.
- Agriculture: Farmers may face increased costs for fuel, logistics and other inputs.
- Manufacturing: Energy-intensive industries are exposed to higher transport and production expenses.
- Households: Families spending more on fuel may have less money available for other goods and services.
The effect will not be uniform. Transport, heating, farming and energy-intensive manufacturing are likely to feel the most immediate pressure, while service-based businesses may be less directly exposed.
Could oil costs remain high into 2027?
The outlook remains uncertain, but the experts cited in the report do not expect a rapid return to lower prices. Ongoing conflict and unstable shipping conditions could keep the market under pressure in the coming months.
There is also a risk that the second-quarter figures do not yet capture the full effect of higher insurance and shipping costs. If those expenses feed through to later contracts, the EU’s import bill could rise further in the third and fourth quarters.
One assessment cited in the report suggests that conflict-related costs could persist into 2027. That is not a forecast of a guaranteed price path, but it underlines the vulnerability of European consumers to prolonged disruption in global oil markets.
What does this mean for Europe?
The latest figures show that Europe’s energy exposure is driven not only by how much oil it imports, but also by the price and security of international supply routes. With import volumes broadly stable, the sharp increase in spending has been caused by market prices and geopolitical risk.
For EU countries, the immediate consequences include higher fuel costs and pressure on transport-dependent sectors. In Ireland and other highly import-reliant economies, changes in global oil prices can feed into household budgets, freight charges and business costs, although the final price paid at the pump also depends on taxes, distribution and exchange rates.
The current EU oil import data therefore point to a wider European energy challenge: reducing exposure to external shocks while managing the short-term effects of expensive fuel. Until supply risks ease or alternative energy sources reduce oil demand, consumers and businesses may continue to face elevated costs.
Conclusion
The EU’s oil import bill has surged because prices rose far faster than import volumes. Middle East tensions, uncertainty around shipping routes and strong global demand have combined to increase costs for the bloc, with the effects already visible in diesel, petrol and transport prices. The key takeaway from this EU oil import update is that any sustained relief will depend on improved supply security and calmer global energy markets.