Key facts
- EU oil import costs rose by $11 billion per month in April-July 2026 compared to a year earlier.
- The value of EU petroleum imports increased by 55.8% in Q2 2026.
- Gasoline and diesel prices hit record highs across Europe.
- Sales of new gasoline and diesel cars declined significantly in September 2026.
The European Union's monthly oil import bill has surged by $11 billion due to supply disruptions stemming from the Middle East crisis, according to a Euronews Business analysis. The value of EU petroleum imports jumped 55.8% in the second quarter of 2026, with import volumes remaining relatively stable. Between April and July 2026, the EU spent an average of $30.7 billion monthly on oil, a significant increase from $19.7 billion in the same period of 2025. This rise in costs is attributed to elevated crude oil prices amid a tight global fuel market. The analysis also noted a significant acceleration in the shift towards electric and hybrid vehicles in Europe, as record-high gasoline and diesel prices continue to impact conventional car sales.