The European Union has been paying $11 billion more to import oil since the Middle East crisis choked crude oil supplies and triggered a global fuel crisis, an analysis by Euronews Business showed on Thursday.
The value of the EU’s petroleum imports jumped by 55.8% in the second quarter of 2026, despite the relatively stable volume of imports, according to Eurostat data
Between April and July, right after the closed Strait of Hormuz hiked oil prices, the EU spent an average of $30.7 billion (27.6 billion euros) per month on petroleum oil…