EU overpaid $11 billion for oil A Euronews Business analysis found the EU has paid $11 billion more for oil imports since the start of the Middle East crisis, which cut oil supplies and triggered a global fuel crisis. According to Eurostat data, the value of EU oil imports increased by 55.8% in the second quarter of 2026, despite relatively stable import volumes. Between April and July, immediately after the closure of the Strait of Hormuz, oil prices soared, the European Union spent an average of $30.7 billion (€27.6 billion) per month on oil imports, compared to $19.7 billion (€17.7 billion) in the corresponding period in 2025. With volumes little changed and up just 1.2%, Euronews Business estimates the EU paid $11 billion (€9.9 billion) more for oil imports in April-July than a year earlier. Oil accounted for 95% of the increase in total spending on EU energy imports in the second quarter. High gasoline and diesel prices across Europe are accelerating the shift to electric and hybrid vehicles, while registrations of new conventionally-engined vehicles continue to fall by double-digit rates in key markets. Total vehicle sales in Europe increased by 10.2% in September compared to the same period last year, according to the European Automobile Manufacturers Association (EA). Electric vehicle sales increased 60%, plug-in hybrid sales increased 24%, and hybrid electric vehicle sales increased 5.3%. Gasoline car sales fell 20.6% in September compared to the same month last year, while diesel car sales fell 28.2%.

EU overpaid $11 billion for oil A Euronews Business analysis found the EU has paid $11 billion more for oil imports since the start of the Middle East crisis, which cut oil supplies and triggered a global fuel crisis. According to Eurostat data, the value of EU oil imports increased by 55.8% in the second quarter of 2026, despite relatively stable import volumes. Between April and July, immediately after the closure of the Strait of Hormuz, oil prices soared, the European Union spent an average of $30.7 billion (€27.6 billion) per month on oil imports, compared to $19.7 billion (€17.7 billion) in the corresponding period in 2025. With volumes little changed and up just 1.2%, Euronews Business estimates the EU paid $11 billion (€9.9 billion) more for oil imports in April-July than a year earlier. Oil accounted for 95% of the increase in total spending on EU energy imports in the second quarter. High gasoline and diesel prices across Europe are accelerating the shift to electric and hybrid vehicles, while registrations of new conventionally-engined vehicles continue to fall by double-digit rates in key markets. Total vehicle sales in Europe increased by 10.2% in September compared to the same period last year, according to the European Automobile Manufacturers Association (EA). Electric vehicle sales increased 60%, plug-in hybrid sales increased 24%, and hybrid electric vehicle sales increased 5.3%. Gasoline car sales fell 20.6% in September compared to the same month last year, while diesel car sales fell 28.2%.