EU energy import costs rise $113.5 billion since Iran war, no added supply

September 29, 2026 at 06:46 PM2 min

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European Union nations have spent an extra $113.5 billion on energy imports since the outbreak of the Iran war, with no additional oil or gas received. EU energy commissioner Dan Jørgensen said ministers would discuss accelerating the shift from fossil fuels to electricity at a Dublin gathering. The bloc faces pressure from high diesel prices and potential U.S. export restrictions as winter approaches.

Key Facts

EU nations spent an extra $113.5 billion on energy imports since the Iran war began, with no additional oil or gas received.
Consumers in some European countries pay nearly 50% more at the pump, equivalent to more than $11 a gallon, after the Strait of Hormuz closure.
About 50% of Europe's diesel supply comes directly from the U.S., according to IEA executive director Fatih Birol.
Republicans in key U.S. states have called for a ban on diesel exports ahead of midterm elections, casting doubt on Trump's $750 billion energy deal with the EU.
Finland generates 95% of its electricity from nuclear reactors, turbines, peat bogs, and hydropower dams, creating very reasonable prices, said Finnish environment minister Sari Multala.

Energy Cost Surge

EU nations have spent over an extra 100 billion euros ($113.5 billion) on energy imports since the Iran war began. The closure of the Strait of Hormuz, through which a fifth of the world's traded oil passed in peacetime, has driven prices up sharply. Consumers in some European countries now pay nearly 50% more at the pump, equivalent to more than $11 a gallon. EU energy commissioner Dan Jørgensen said the bloc has not received 'one extra molecule of gas or oil' despite the additional spending.

Diesel Dependency and U.S. Export Threat

Europe is one of the most exposed regions on diesel because it imports a huge amount and is entering the winter season, said IEA executive director Fatih Birol. About 50% of Europe's diesel supply comes directly from the U.S. Republicans in key U.S. states have called for a ban on diesel exports to bolster domestic supply ahead of crucial midterm elections. The proposed ban casts doubt on President Donald Trump's 2025 deal to sell $750 billion worth of energy to the EU. Ireland's climate minister Darragh O'Brien said the ban is 'unlikely' because it would harm economies on both sides of the Atlantic, but the EU must prepare for the worst.

Shift to Homegrown Energy

Jørgensen said he had sent 'a very clear signal' to U.S. authorities to scrap the export ban while calling on EU ministers to wean the bloc off outside energy. He said the situation shows how unsustainable it is to depend on energy sources from other places in the world. Jørgensen called for replacing imported fossil fuels with homegrown green electrons. Finnish environment minister Sari Multala pointed to Finland as an example of energy independence, with 95% of its electricity from nuclear, turbines, peat bogs, and hydropower. Multala said rising energy prices as winter approaches create a lot of pressure for politicians to help citizens cope.