US-Iran conflict drives global energy volatility and rising fuel costs

The ongoing conflict between the United States and Iran, alongside disruptions in the Strait of Hormuz, is driving significant volatility in the global energy market. While major American oil companies reported a 65% increase in profits for the first half of 2026, reaching over $65.5 billion, consumers are facing rising costs at the pump.

In Spain, fuel prices have risen for seven consecutive weeks. Diesel prices have surpassed the 100-euro mark per tank, with the cost per liter reaching approximately 1.828 euros. Since late June, gasoline has increased by roughly 18.4% and diesel by nearly 21.1%. The crisis is being driven not only by crude oil prices but also by a reduction in global refining capacity, affecting the availability of gasoline, diesel, and aviation fuel.