ISTANBUL

Diesel prices in Belgium will reach a new high on Tuesday, Belga News Agency reported, citing the Economy Ministry.

Diesel (B7) is set to increase to €2.333 per liter (about $2.77), up 17 cents. Petrol 95 (E10) will reach a maximum of €1.92 per liter (about $2.28), up 5.7 cents. Heating oil (H0/H7) will rise 3.5 cents to €1.4347 per liter (nearly $1.70) for orders of at least 2,000 liters.

On March 2, Iran announced restrictions on navigation in the Strait of Hormuz, a key transit route for oil tankers, threatening to attack any vessels attempting to pass without coordination.

About 20 million barrels of oil transit the strait daily, and its effective closure has driven up oil prices and shipping and insurance costs, triggering global economic concerns.

The entire region has been on alert since the US and Israel launched an air offensive on Iran on Feb. 28, killing over 1,340 people so far, including then-Supreme Leader Ali Khamenei.

Tehran has retaliated with drone and missile strikes targeting Israel, Jordan, Iraq, and Gulf countries hosting US military assets.