Iran War Sends Global Energy Bills Soaring $330 Billion

The ongoing war between the US, Israel, and Iran has significantly impacted global energy import bills. The Centre for Research on Energy and Clean Air found that the war caused a surge of $330 billion in energy import costs over six months from March to August.

This figure is despite a smaller-than-expected rise in oil prices and gas prices. However, analysts warn that the bill could swell further as the war continues.

The European Union bore the brunt of this financial pain, with its energy import bill increasing by $78 billion over the six months. China followed closely behind, paying an extra $35 billion for energy imports during the period.

According to CREA's data, crude oil accounted for $164.1 billion of the total extra cost, while diesel and gasoil contributed $73.8 billion. Liquefied natural gas was $38 billion more expensive, and jet fuel added an extra $20 billion to import costs.