Middle East War Sends EU Gas Prices Soaring
The ongoing Middle East war has sent shockwaves through the European Union's energy market, driving up gasoline and diesel prices by significant margins. According to data from the European Commission, gasoline prices have risen 24% since the conflict began, while diesel prices have increased by a whopping 33%. The average pump price for Euro-super 95 gasoline in the EU has jumped from €1.64 per litre on February 23 to €2.04 per litre by September 7.
The increases come as fighting in the Middle East intensifies, raising concerns over attacks on oil production facilities and energy infrastructure, as well as uncertainty over crude and refined-product shipments through the Strait of Hormuz. Brent crude futures have risen above $100 a barrel, contributing to higher pump prices across Europe.
Tighter diesel supply conditions in Europe have driven up diesel prices, with some countries seeing even more significant increases than others. Among EU member states, Denmark and Finland saw gasoline price rises of around 36%, while Bulgaria experienced the steepest increase in diesel prices, with a 47% rise to €1.81 per litre.