EU Fuel Prices Spike Amid Supply Disruptions from US-Israel War with Iran

(MENAFN) Fuel prices across the European Union continue to climb due to disruptions in oil supply caused by the US-Israel war with Iran, with diesel seeing the steepest increases as the conflict shakes global energy markets.

Weekly figures released by the European Commission on Thursday show that since the conflict began on February 28, pump prices across the bloc have risen sharply as traffic through the Strait of Hormuz—one of the world’s most crucial oil chokepoints—slowed dramatically.

Before the crisis escalated, average EU gasoline prices were €1.64 per liter ($1.82), while diesel averaged €1.59 ($1.77). By March 30, gasoline had risen to €1.87 per liter ($2.07), and diesel to €2.07 ($2.30), reflecting a 14% increase in gasoline and a 30.2% surge in diesel prices, showing that diesel markets have been particularly affected by tighter supply and trade disruptions.

The impact has varied among EU countries:
Germany: Gasoline up 17% from €1.82 ($2.02) to €2.13 ($2.36); diesel up 32.4% from €1.73 ($1.92) to €2.29 ($2.53).

France: Gasoline up 17.5% from €1.71 ($1.90) to €2.01 ($2.33); diesel up 32.7% from €1.65 ($1.91) to €2.19 ($2.54).

Italy: Gasoline up 4.8% from €1.65 ($1.82) to €1.73 ($1.91); diesel up 19.4% from €1.70 ($1.88) to €2.03 ($2.24).

Spain: Gasoline up 6.1% from €1.47 ($1.63) to €1.56 ($1.73); diesel up 25.3% from €1.42 ($1.57) to €1.78 ($1.97).

The sharp rise underscores how the ongoing conflict and restrictions on Strait of Hormuz shipping are pushing energy costs higher across Europe.

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