Crude Oil Surges Above $100/Barrel This Week as Middle East Tensions Escalate

According to Jin10, crude oil surged above $100 per barrel last week, the highest level since early June, as Middle East tensions escalated and supply disruptions emerged. This marks a sharp reversal from June, when European fuel prices fell following a ceasefire agreement between Washington and Tehran: diesel prices dropped 6.4% and gasoline prices fell 4.2% month-over-month according to Eurostat data.

Across Europe, price volatility has been significant, with Bulgaria, Lithuania, and Romania seeing increases exceeding 23%. Hungary has implemented fuel price caps, while Spain and Poland have reduced VAT on gasoline and diesel to moderate price growth.