EU Fuel Prices Soar Amid Middle East Conflict

Record fuel prices in the European Union have been driven by oil futures surging due to the Middle East war and Ukrainian strikes on Russian refineries.

The price of crude oil has risen from around $70 per barrel at the end of February to about $100 currently, but transport fuels have faced even greater upward pressure.

A surge in maritime freight costs in the Middle East, driven by risks to vessels in the Red Sea and the Strait of Hormuz, has made exporting refined products financially unviable for some companies.

Additionally, repeated Ukrainian drone attacks on Russian refineries have significantly reduced the global supply of engine fuels, particularly diesel.

Countries across Europe are paying very different prices for their engine fuels due to governments' varying approaches to taxes and subsidies.