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Conflict in the Middle East: towards an increase in fuel prices?
Conflict in the Middle East: towards an increase in fuel prices?
(France 2)
Israel threatens to retaliate against the air attack carried out by Iran on April 13. If the conflict escalates, fuel prices could rise further at the pump.
Will going to the pump cost even more after Iran’s unprecedented attack on Israel? Some motorists fear inflation, while fuel prices have already been increasing since the start of 2024. Diesel has increased by 0.07 euros and the liter of gasoline has increased by 0.13 euros.
A risk of price surges in the event of a conflagration
Will these prices continue to soar? The answer depends in part on Israel’s reaction and the situation in the Strait of Hormuz. This region concentrates major crude oil exporting countries, such as Saudi Arabia, the United Arab Emirates and Iraq. In addition, it is a strategic artery, as more than 20% of global oil trade passes through this strait. Today, a barrel of oil is close to $90.
According to economist Céline Antonin, in the event of a conflagration in the region, a reduction in supply from certain countries and a surge in prices are to be feared. The war in Ukraine and the situation in several African countries could also weigh on prices.
Among our sources:
Céline Antonin, economist at the OFCE
Evolution of fuel prices
Oil
Non-exhaustive list.
