EU fossil fuel expenditure increases by $54 billion following Iran conflict

A report by the Centre for Research on Energy and Clean Air indicates that EU member states, led by the Netherlands, Italy, France, and Spain, incurred $54 billion in additional fossil fuel costs between March and August 2026. The surge is attributed to market volatility stemming from the conflict in Iran, though the report does not specify the exact breakdown of supply-side versus speculative price drivers.