Oil prices surge amid Middle East tensions, impacting Greek fuel costs

Global oil prices have surged due to heightened geopolitical tensions in the Middle East, specifically regarding the Strait of Hormuz and diplomatic friction between the United States and Iran. Brent crude rose approximately 6% over a single week, closing at $88.52 per barrel, while WTI crude increased by 5.4% to reach $82.40 per barrel.

These market fluctuations are driven by concerns over maritime security and the potential for disrupted energy flows, as roughly 20% of global oil passes through the Strait of Hormuz. The volatility is further compounded by the possibility of continued U.S. naval blockades and economic pressure on Tehran.

In Greece, the rise in international prices is translating to higher costs at the pump. Average prices for unleaded gasoline have reached €1.980 per liter, while diesel is approaching the €2.000 per liter threshold. While government subsidies and refinery absorption measures are currently mitigating the impact, consumer demand has already shown signs of decline as drivers react to rising costs.