Hormuz crisis costs EU 41 billion euros in fuel imports
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The Hormuz crisis has cost the European Union an additional 41 billion euros in fossil fuel imports between March and August 2026. The Netherlands, Italy, France and Spain bore the largest increases, spending 11.5 billion, 12.7 billion, 10.8 billion and 8.8 billion euros respectively. More than 100 European and international representatives have urged European Commission President Ursula von der Leyen to present a fossil fuel phase-out plan.
Key Facts
- The Netherlands spent approximately 11.5 billion euros extra on fuel imports between March and August 2026.
- Italy's additional fuel import costs reached 12.7 billion euros over the same period.
- France and Spain spent 10.8 billion and 8.8 billion euros extra respectively.
- LNG prices rose 60 percent in the Atlantic basin and 75 percent in the Pacific basin.
- Diesel and gasoline prices climbed 59 percent after the US and Israel began war against Iran on February 28.
Cost Breakdown
The Netherlands, Italy, France and Spain are among the ten countries with the largest increases in fuel import costs due to Middle East supply disruptions. The Netherlands spent approximately 11.5 billion euros extra between March and August 2026. Italy followed with 12.7 billion euros, France with 10.8 billion euros, and Spain with 8.8 billion euros in additional spending. These four countries together spent nearly 41 billion euros extra on fossil fuels without increasing import volumes.
Market Impact
LNG prices rose 60 percent in the Atlantic basin and 75 percent in the Pacific basin. Diesel and gasoline prices climbed 59 percent after the US and Israel began war against Iran on February 28. The US and Norway became the largest suppliers of oil products to the EU in the first quarter of the year, replacing lost Middle East supply. Diesel shortages are particularly severe for Europe because the EU depends heavily on this fuel for freight, agriculture and industry.
Clean Energy Savings
Clean energy capacity deployed in the EU since 2020 saved importing countries 36 billion euros on fossil fuel purchases in the first five months of the crisis. Environmental organisations are calling on the EU to abandon fossil fuels. A letter signed by more than 100 European and international representatives asks European Commission President Ursula von der Leyen to develop a common strategy and announce a fossil fuel phase-out plan. The letter calls for a scientifically based, independent and comprehensive report to make the current fossil fuel crisis the last one for Europe.
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Hormuz crisis costs EU 41 billion euros in fuel imports
