European Fuel Prices Soar as Middle East Conflict Drives Oil Above $100
Fuel prices in Europe continue to rise as oil prices surpass $100 per barrel due to the ongoing conflict in the Middle East. The European Commission's Weekly Oil Bulletin shows that Brent crude has settled at $101.21 a barrel, its highest close since May.
The increase in fuel prices is putting pressure on motorists and prompting governments to take measures to cushion the effect. In Italy, for example, petrol prices have reached around €2.05 per liter, while diesel is around €2.17.
The Italian government has extended a temporary 17-cent reduction in diesel excise duties through Thursday to help contain the effect of rising fuel costs. Meanwhile, France recorded increases, with diesel standing at about €2.30 per liter and E10 petrol at around €2.13.