Oil prices are rising due to tension in the Middle East, with concerns about the Strait of Hormuz and a new global energy crisis.
At a time of intense geopolitical uncertainty and heightened nervousness in international energy markets, oil prices continue their upward trajectory, reinforcing concerns of a new wave of stress in the global economy. Prolonged tension in the Middle East and developments around the Sea of Hormuz have created an explosive mix of expectations and fears, with investors reacting strongly to any sign of further destabilization. In this environment, the energy market is showing characteristic rallies, while the outlook for short-term price movements remains highly uncertain, directly affecting fuel, transport and the cost of living globally.
Oil prices remain high with the impact on the global energy market from the blockade in the Strait of Hormuz being visible daily and concern continued as the US and Iran do not appear to reach an agreement, ERTnews reports.gr.
Swings
Oil prices have been moving up in international markets over the past two weeks as expectations of a peace deal between the US and Iran have been raised, and for the opening of the Strait of Hormuz soon, have been steadily fading.
The Brent oil price is currently sitting firmly above $111 a barrel, registering a slight rise from yesterday. This has a direct impact on prices in our country, as the wholesale price of unleaded and diesel oil are foreshadowing a new rise in the retail price at petrol stations.
The rise in diesel is more moderate, as the 20 cents per litre subsidy on diesel at the pump has been in place since April and continues into May.
Prices unchanged in electricity tariffs
As far as electricity prices are concerned, announcements from suppliers started yesterday, with prices unchanged, as the fact that there is a reduction in the wholesale price in April contributes to this, as well as the rise in the price of gas was also moderate.
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