EU Oil Import Bill Surges $11B Monthly as Hormuz Closure Tightens Market

EU petroleum import costs jumped 55.8% in Q2 2026 to $30.7B monthly, adding $11B per month, as the Strait of Hormuz closure spiked prices despite stable volumes. The data confirms a direct economic impact from the Middle East crisis, with the EU bearing higher costs without supply disruption. The sustained premium reflects a structural shift in energy pricing until the strait reopens.

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