Around 41 billion euros in additional costs from fossil fuels - Hormuz crisis exposes EU energy vulnerability
The Netherlands, Italy, France and Spain are among the ten countries most affected by the additional costs of importing fossil fuels caused by disruptions in the Middle East, according to a report by the Center for Research on Energy and Clean Air (CREA).
Of the 170 countries examined, 134 paid more for oil than markets had predicted before the war, the CREA report found. The Netherlands recorded around €11.5 billion in additional costs between March and August 2026, followed by Italy with €12.7 billion, France with €10.8 billion and Spain with €8.8 billion.
Together, the four EU economies absorbed almost €41 billion in additional fossil fuel costs without importing any new energy volumes.
The figures highlight the exposure of European economies to global oil and gas prices, revealing a crisis that has added more than €282 billion to fossil fuel import bills worldwide, with oil alone accounting for €140 billion of the increase.
Liquefied natural gas (LNG) prices rose by 60% in the Atlantic and 75% in the Pacific, while oil and gasoline prices rose by 59% since the United States and Israel launched war on Iran on February 28. To make up for the loss in the Middle East, the US and Norway were the largest suppliers of both oil and LNG to the EU in the first quarter of the year, according to EU data.
For Europe, the oil shock is particularly significant, as the bloc relies heavily on fuel for goods, agriculture and industry, meaning higher fuel costs could spread through supply chains and ultimately further increase the price of goods.
However, the CREA authors suggest that building clean energy in Europe is becoming an energy security asset. The report notes that the clean energy capacity installed in the bloc since 2020 saved importing countries €36 billion in fossil fuel purchases during the first five months of the crisis.
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