Oil Prices Surge Amid Middle East Conflict, Fuel Costs Rise in Balkans

Global oil markets jumped sharply after a new wave of air and drone attacks in the Middle East. Brent crude futures rose about 7 % to roughly $90‑92 per barrel, while U.S. WTI climbed 5‑6 % to around $84‑85 per barrel. The price surge followed strikes on Iranian‑backed groups in Iraq and Saudi oil facilities, as well as reports that U.S. crude inventories fell to a multi‑year low of about 404.5 million barrels.

European equity indices moved unevenly: the pan‑European STOXX 600 edged up 0.13 %, the French CAC 40 gained 0.71 %, while Germany’s DAX slipped 0.47 %. Oil‑related stocks such as Schneider Electric and L’Oréal posted gains, whereas Adidas shares fell 15 % despite higher sales guidance.

In the Balkans, North Macedonia’s government, led by Prime Minister Christian Mičkovski, announced measures to keep diesel and unleaded gasoline prices among the cheapest in the region. The administration cited low inflation (3.4 % in June 2026 versus 14.7 % in June 2022) and the removal of excise and VAT taxes as reasons for the favourable fuel pricing, aiming to protect household purchasing power amid the global oil price shock.