Oil Prices Rise Amid Escalating Tensions Between US and Iran

Oil prices have increased again due to escalating tensions between Iran and the United States. The provisional peace deal between the two countries has officially ended, and there are no signs of a renewed ceasefire.

The lack of a ceasefire has resulted in fewer ships passing through the Strait of Hormuz, which has contributed to the rise in oil prices. Brent crude rose by 0.2% to $91.06 per barrel, while US crude increased by 0.6% to $85.04 per barrel.

European gas prices also saw a 1% increase. As a result, filling up with petrol or diesel has become more expensive, with the price of Euro95 rising by 0.5 cents to 2.584 euros per litre and diesel increasing by 0.6 cents to 2.627 euros per litre.