"New hostilities between the U.S. and Iran over control of the Strait of Hormuz and the heightened tensions are driving oil futures contracts up by more than 9%".
_{^{ABC News}}

Oil prices are rising for the fourth consecutive day, as the new wave of U.S. attacks on Iranian military facilities has heightened concerns about a resurgence of a broader conflict in the Middle East.

Disruptions to the global energy supply pushed Brent above $85 per barrel, while Goldman Sachs warns that it could exceed $110 in the fourth quarter if the recovery of Gulf exports continues to be delayed.

“If the Strait of Hormuz closes—and as we’ve said many times, a quarter of global oil trade passes through this shipping chokepoint— if it remains closed, then we will see oil prices continue to rise and rise.”
_{^{CBS News}}

SEE ALSO: New Wave of Fuel Price Hikes: How Much Will Diesel and Gasoline Prices Rise?

Price Hikes in Cyprus

International developments are, of course, affecting Cyprus as well, with consumers facing a new wave of price hikes that began today and will be completed tomorrow.

“One company has already implemented price hikes; the others will follow tomorrow, bringing gasoline to 1.50 and diesel to 1.61.”
_{^{Christodoulos Christodoulou – Press Spokesperson for the Association of Gas Station Owners}}

And despite the fact that the government’s reduction in the excise tax offers temporary relief until September 17, concern about the future remains high, with the price of gasoline in Cyprus slowly rising to levels we saw in early June. 

READ ALSO: Tanker truck drivers are organizing a protest march; when will they gather outside the Presidential Palace?

Price Hikes on the Horizon

At the same time, concerns are mounting in Europe, both regarding the adequacy of aviation fuel supplies and the possibility of new fare increases, due to the upward trend in prices.

According to estimates, Europe had approximately 38 million barrels of jet fuel, a quantity equivalent to less than 30 days of consumption.

As for prices, following the decline in June, a slight increase in fares for the fall cannot be ruled out.

See the report by Giorgos Chrysanthos: