Recent events in the Middle East, particularly Iran’s active participation, are exacerbating uncertainties in the crude oil market, leading to a surge in both Brent and fuel prices in Greece. Further escalation of tensions threatens to have profound implications for the global market.

The current landscape is marked by a scarcity of products, stimulated by European sanctions on Russian refineries and the destruction of Russian refining facilities from Ukrainian assaults. Simultaneously, there is a substantial demand from China and India.

Both nations traditionally rely on Russian sources, but disruptions in oil production are redirecting them to alternative markets favored by Europe and the USA. Iran’s recent attack on Israel has added to the turmoil, compounding challenges in the international oil sector.

Ioannis Aligizakis, President of the Hellenic Petroleum Marketing Companies Association and CEO of ELINOIL, warns that depending on the extent and duration of Iran’s involvement in the Middle East, Brent prices could regularly exceed 90 euros per barrel. Thus far, prices have fluctuated between 85 euros and 90 euros per barrel.

Domestically, considering the heightened demand for gasoline and diesel fuel due to increased travel activity expected during the forthcoming summer season, it is improbable that Greek market prices will remain unaffected.