New attacks near the Strait of Hormuz push Brent above 100 dollars
Brent crude rose above 100 dollars a barrel on Wednesday after renewed attacks on shipping around the Strait of Hormuz, and held at that level on Thursday morning. Because the European Union depends almost entirely on imported oil, the rise raises the risk of inflation accelerating again across the continent.
RastinewsBrent crude rose above 100 dollars a barrel on Wednesday and held at that level on Thursday morning, after renewed attacks on shipping around the Strait of Hormuz. The price has stayed above 70 dollars for about seven months, since mid-February.
Higher oil prices raise the cost of diesel, petrol and jet fuel, which feeds through supply chains into consumer prices.
The EU's oil import dependency is 96.6 percent
According to Eurostat, the European Union imported 471.3 million tonnes of crude oil in 2024 while its own production was only 15.5 million tonnes. Total import dependency reached 96.6 percent.
The largest suppliers were the United States, Kazakhstan and Norway, each accounting for between 12 and 15 percent of imports. According to the Council of the European Union, only about 7 percent of the EU's crude oil imports came from Gulf Cooperation Council countries in 2025.
The Netherlands leads by volume, Germany by consumption
Eurostat data for 2024 show the Netherlands as the largest importer with 138.3 million tonnes, followed by Germany (117.8 million tonnes), Spain (85.8 million tonnes), France (82.4 million tonnes) and Italy (73.3 million tonnes). The Netherlands re-exports a large share of this through Rotterdam.
In final consumption, Germany accounted for 20.1 percent of the EU total, France for 15.3 percent, and Italy and Spain for 11.1 percent each.
Small and tourism-dependent economies are more exposed
Malta has the bloc's highest energy trade deficit relative to GDP at 5.4 percent, followed by Bulgaria at 3.5 percent and Croatia at 3.4 percent. Oil import dependency in Spain, Portugal and Ireland exceeds 100 percent.
About two thirds of the oil consumed in the EU goes to transport; according to the Council of the European Union, road transport alone accounted for 47.7 percent of total consumption in 2024. Rising jet fuel costs directly affect airlines serving Spain, Portugal, Greece, Cyprus and Malta.
Inflation pressure was already building in the eurozone
Eurozone inflation rose to 3.3 percent in August, the highest level since September 2023. Energy prices alone rose 14.3 percent over the year.
The European Central Bank was expected to raise its deposit rate by a quarter point to 2.50 percent on Thursday. In the United States, futures markets had priced the probability of a Federal Reserve rate rise on 16 September at about 60 percent.