Europe’s oil bill: EU pays €10bn more per month than in 2025
Euronews Business takes a closer look at how Europe’s petroleum oil import bill has risen amid tensions in the Middle East - and experts do not expect costs to fall in the near future.
European countries are paying significantly more for petroleum oil imports in 2026 compared to the previous year, with the EU's import bill rising by €10 billion per month. This sharp increase is attributed to the ongoing tensions in the Middle East, which have disrupted oil production and supplies to global markets. Despite a slight rise in the volume of oil imported, the cost per tonne has surged from €487 in 2025 to €750 in 2026, returning to its 2022 peak.
The main reason for this is the rise in crude oil prices, with the monthly average of the Brent crude price in 2026 being 49.5% higher than in 2025. The war between the US, Israel, and Iran has exacerbated the situation, pushing prices higher and impacting the EU, which is heavily dependent on oil imports. European drivers have also felt the impact at the pump, with diesel prices rising sharply from early January 2026, reaching €2.24 a litre at the end of September, a 38% increase from the start of the year.
The rising oil import costs are expected to persist in the coming months, as tensions in the Middle East are unlikely to end soon.
Written by urgent.news from Euronews Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
