EU Oil Import Bill Jumps 55.8% to €27.6 Billion a Month as Middle East Tensions Lift Brent

European Union spending on petroleum oil imports averaged €27.6 billion a month in the second quarter of 2026, up 55.8% from €17.7 billion in 2025, as Middle East tensions that began in February drove crude prices sharply higher. Import volume rose just 1.2%, to 36.7 million tonnes a month from 36.3 million, meaning the EU paid €9.9 billion more monthly for roughly the same oil. The cost per tonne climbed to €750 from €487, just €2 below the 2022 peak. Prof. Xiaoyi Mu of the University of Dundee said the quarterly average Brent price was 49.5% higher than in 2025, a $34 per barrel increase, after disruption to flows through the Strait of Hormuz. Oil accounted for €32.4 billion of the €34.2 billion increase in the EU's quarterly energy import bill. Diesel reached €2.14 a litre on 19 October, 38% above the start of the year. Analysts expect elevated costs to persist into 2027.