Turkey cuts gasoline price as global oil markets watch US‑Iran tensions

The Turkish government announced a reduction of 2.10 Turkish lira per litre for gasoline, with 0.53 lira of the cut reflected at the pump. Effective 6 June, the price in Istanbul’s European side is 62.97 TRY per litre and 62.82 TRY on the Asian side. The adjustment follows the standard formula that adds the duty‑free refinery price, special consumption tax, and the regulator’s share, while tracking the Mediterranean‑Italian market and the current dollar rate.

At the same time, international oil markets remain tight. Brent crude traded around $94‑95 per barrel and U.S. West Texas Intermediate near $91.7, moving in a narrow band. Analysts cite ongoing U.S.–Iran tensions, especially concerns over the Strait of Hormuz, as a key risk factor. U.S. crude inventories fell by more than 8 million barrels, pushing strategic reserves to their lowest level in 22 years. The combination of geopolitical uncertainty and lower U.S. stockpiles continues to pressure global oil prices.