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Home Latest Energy News By Tsvetana Paraskova - Oct 29, 2026, 8:30 AM CDT 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 imports, up from $19.7 billion (17.7 billion euros) in the same period in 2025.
Since volumes barely changed and rose by just 1.2%, Euronews Business estimates that the EU has paid $11 billion (9.9 billion euros) more on oil imports in April-July compared to a year earlier. Petroleum accounted for 95% of the increase in the EU’s total energy import bill in the second quarter, the analysis showed. Import costs are unlikely to drop significantly soon, as crude oil prices remain close to a five-month high and fuel prices spiked to record highs amid a tight global fuel market.
Many European countries saw record-high gasoline and diesel prices, and governments scramble to provide relief to consumers. Record-high gasoline and diesel prices across Europe are accelerating a shift toward electric vehicles and hybrids while new registrations of conventional cars continue to plummet by double digits in key markets. Total car sales in Europe, including the UK, Norway, and Switzerland, rose by 10.2% in September from a year earlier, data from the European Automobile Manufacturers’ Association (ACEA) showed last week.
Battery electric vehicle (BEV) sales jumped by 60%, plug-in hybrid sales rose by 24%, and hybrid electric vehicle sales went up 5.3%. In contrast, the sales of gasoline cars slumped by 20.6% in September compared to the same month last year, while diesel car sales plunged by 28.2%. By Tsvetana Paraskova for Oilprice.com More Top Reads From Oilprice.com U.S.
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