Saudi Oil Refinery Attacks Send Global Fuel Prices Soaring

The price of Brent crude oil has surged to near $100 per barrel following attacks on Saudi Arabia's oil refineries. The halt in operations at the refineries, combined with an existing shortage of refining capacity, is expected to drive up fuel prices even further.

Pavel Peterka, chief economist at brokerage firm XTB, warns that 'it's quite likely that we'll see further price increases, primarily for diesel but also for petrol.' He predicts that the average diesel price could briefly reach 50 crowns per litre, a significant jump from current levels.

The shortage of refining capacity has been exacerbated by recent events in the region. The US-Israeli strike on Iran damaged numerous refineries, while Ukraine's ongoing conflict with Russia has forced Moscow to switch from being an exporter of petrol and diesel to an importer of both.

Václav Loula, a representative of the Czech Association of the Petroleum Industry and Trade, notes that 'diesel has to be winterised, which makes it more expensive.' He also highlights Europe's structural problem of high fuel consumption, particularly diesel, which needs to be addressed at the European level.