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[INTERNATIONAL] · United States, Iran, Israel, Italy, Spain · 47 sources

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Iran war drives 330 billion USD increase in global fossil fuel import costs

Six months after the military offensive launched by the United States and Israel against Iran, the global energy market faces significant disruption. Research indicates that fossil fuel importers have incurred over 330 billion USD in additional costs since February. On average, importers paid an extra 55 billion USD per month. Crude oil costs rose by 164 billion USD, with prices averaging 35 percent above market expectations, while diesel and gasoline prices surged by 59 percent.

In Europe, the economic impact is substantial. Italy faces energy costs totaling approximately 12 billion euros, while Spain has seen its fossil fuel import bill rise by 8.8 billion euros. The crisis has also led to record extra profits for major oil companies in Europe, totaling 7.5 billion euros in the first half of 2026.

The conflict has weakened OPEC+ market influence as the Strait of Hormuz remains a critical chokepoint. While Iran and Oman have reached preliminary agreements regarding maritime revenue sharing, tensions remain high. Recent maritime reports confirmed a tanker was struck by an unknown projectile in the Strait, causing a fire but no casualties. Amidst the economic attrition, some nations are accelerating transitions to renewable energy to mitigate future dependency on volatile fossil fuel markets.

Entities

Center for Research on Energy and Clean Air · Centre for Research on Energy and Clean Air · Gulf Cooperation Council · Iran · Israel · Israel · OPEC+ · Oman · Spain · Strait of Hormuz · United States · United States

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