Middle East tensions drive global oil prices higher

Geopolitical tensions in the Middle East, specifically involving the United States and Iran, are driving global oil prices higher. The situation in the Strait of Hormuz has reached a stalemate, significantly impacting maritime trade. Reports indicate that vessel transit through the strait has dropped from over 130 ships per day to fewer than 10 during recent periods, increasing transport risks and costs.

In response to the conflict, U.S. President Donald Trump announced an economic blockade operation against Tehran, warning of consequences for nations providing aid to Iran. Market analysts note that Brent crude rose approximately 6.63% over the week, reaching $94.39 per barrel.

These international market shifts are expected to have direct domestic consequences for countries reliant on fuel imports. In Costa Rica, the president of Recope, Karla Montero, warned that these global instabilities will likely lead to an increase in domestic fuel prices starting in September.