Iran Conflict Adds $330 Billion to Global Energy Import Costs

The conflict involving the US, Israel, and Iran has increased global energy import bills by $330 billion between March and August 2026, according to the Centre for Research on Energy and Clean Air.

Crude oil accounted for $164.1 billion of the extra costs, while the European Union suffered the highest regional impact with a $78 billion surge in its energy import bill.

India faced the third-strongest financial impact, paying an additional $22 billion for energy imports due to its high dependency on Middle Eastern oil and Strait of Hormuz disruptions.