The price of crude oil stands at over $103 per barrel, driving citizens and governments to despair despite the decline recorded in recent days.
Although traffic through the Strait of Hormuz has remained limited, in recent days, more oil was sold through Saudi Arabia than in the entire month of August, though this does not seem to be reassuring the markets.
This is illustrated by the fact that experts admit they are unable to make predictions.
“For the first time since the start of the war with Iran, we don’t have a clear picture of the situation. We simply don’t know how to predict the outcome.”
J.P. Morgan
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
In Cyprus, the price rally continues.
In just two days, the average price of unleaded 95 rose by 1.1 cents to 1.674, and that of diesel by 1.3 cents to 1.940. In fact, the highest price for diesel fuel across Cyprus is 1.999 per liter, just 0.1 cents away from breaking the 2-euro barrier.
These prices are causing global concern, led by the French President, who has spoken of a sharp rise in prices due to the wars in Ukraine and Iran.
“Prices at gas stations have reached historic highs, causing significant difficulties and exacerbating problems with purchasing power. Concerns are growing over gasoline prices and the energy situation.”
Emmanuel Macron – President of France
The President of South Korea echoed this sentiment, declaring a readiness to even protect commercial ships carrying fuel.
“Like other countries, we must take at least the minimum actions necessary to protect our own merchant ships and crude oil transport routes.”
Lee Jae-myung – President of South Korea
In Germany, concern has also reached the point where the government has taken measures, totaling 2.5 billion euros, which amounts to a tax reduction of 17 cents per liter and a price cap starting in 2027.
Watch the report by Neoklis Neokleous:
