EU fuel prices continue to climb as Iran war squeezes supply

ISTANBUL

Fuel prices across the European Union have surged in the wake of oil supply disruptions caused by the US-Israel war with Iran, with diesel recording the sharpest gains as the conflict sent shockwaves through energy markets.

Weekly data released by the European Commission on Thursday showed that the war, which began on Feb. 28, has driven a steep increase in pump prices across the bloc as traffic through the Strait of Hormuz — one of the world’s most critical oil chokepoints — slowed to near paralysis.

Before the Middle East crisis escalated, average gasoline prices across the EU stood at €1.64 per liter, while diesel averaged €1.59.

By March 30, gasoline prices had climbed to €1.87 per liter and diesel to €2.07, highlighting the scale of the market fallout.

That marks an increase of 14% in gasoline prices across the bloc, while diesel prices have soared 30.2%, underlining how tighter fuel supply and heightened trade disruption have hit diesel markets especially hard.

The surge has played out unevenly across major EU economies.

In Germany, gasoline prices rose 17% from €1.82 to €2.13 per liter, while diesel jumped 32.4% from €1.73 to €2.29.

In France, gasoline increased 17.5% from €1.71 to €2.01 per liter, while diesel climbed 32.7% from €1.65 to €2.19.

In Italy, gasoline prices edged up 4.8% from €1.65 to €1.73, while diesel rose 19.4% from €1.70 to €2.03.

In Spain, gasoline increased 6.1% from €1.47 to €1.56 per liter, while diesel surged 25.3% from €1.42 to €1.78.