Hormuz Crisis Sends European Fuel Prices Soaring
The Strait of Hormuz, a critical shipping lane between Iran and Oman, remains a hazardous passage due to ongoing attacks on oil tankers by Iranian and Houthi forces. The United States has threatened to target Iran's infrastructure if the strikes continue.
Fuel prices in Europe have surged again after the latest incidents, with crude oil prices reaching $100 per barrel for the first time since June.
According to Eurostat data, diesel prices decreased by 6.4% and petrol by 4.2% in June compared to May. However, Cyprus and Italy were the only EU countries where petrol prices increased during this period.
The biggest price swings occurred in Bulgaria, Lithuania, and Romania, with year-on-year increases of over 23%. Non-EU countries like Turkey and Georgia reported even higher increases, at nearly 32% and almost 30%, respectively.