Drivers in Spain are bracing for higher fuel costs after global oil prices surged dramatically following escalating tensions linked to the war involving Iran.
The price of Brent crude, the international benchmark used to set petrol and diesel prices, has jumped more than 25%, climbing above $115 per barrel in what analysts say is the biggest daily rise in decades.
Although markets later eased slightly, oil is still trading at around $110 per barrel.
The increase is even more striking when looking at recent trends: oil prices have surged more than 50% in just one week.
The spike is being driven by growing fears that the conflict in Iran could disrupt global oil supplies.
However, consumer groups in Andalucia have accused some petrol stations of taking advantage of the situation to hike prices unnecessarily.
Markets are particularly worried about the situation in the Persian Gulf and the possibility of disruption around the Strait of Hormuz, one of the world’s most important oil shipping routes.
Concerns intensified after attacks over the weekend on refineries near Tehran reportedly damaged parts of Iran’s energy infrastructure.
This has raised fresh doubts about how much oil Iran will be able to produce and export in the coming days.
As a result, Brent crude has reached its highest levels in around four years, recalling price spikes seen after the outbreak of the war in Ukraine.
The effects are already being felt by motorists in Spain.
In some petrol stations, fuel prices have already begun creeping towards or even exceeding €2 per litre.
In the city of Jerez, for example, diesel prices have crossed that threshold at certain stations.
At a BP station on the A-4 near Cuadrejon, regular diesel was priced at €1.909 per litre on Sunday, while premium diesel reached €2.009 per litre.
Petrol prices remain slightly lower but have also climbed.
At a Repsol station on Avenida de Andalucia, Jerez, petrol was listed at €1.655 per litre in the latest update on Monday.
However, some stations still offer slightly cheaper fuel.
According to fuel price comparison site dieselgasolina.com, the cheapest petrol in Jerez can be found at several Ballenoil stations on Carretera de Lebrija, Avenida de Medina Sidonia and Avenida de Sanlúcar, where prices were around €1.589 per litre.
For diesel, some of the lower prices were recorded at the Petroprix station on the northern exit of the city and a Shell station on the Circunvalación, both around €1.649 per litre.
Experts warn that prices could continue rising if instability in the Middle East disrupts oil supplies further.
With markets reacting to fears of shortages, motorists may soon face even higher costs at the pump in the coming weeks.
Read more Andalucia news at the Spanish Eye.
