One week after the start of the US and Israeli strikes against Iran, the effects are already visible on global oil markets. The escalation quickly influenced trading on international exchanges, where crude oil prices reacted to the rising uncertainty surrounding the conflict.
A comparison conducted by BGNES shows that fuel remains noticeably cheaper in Bulgaria than in neighboring Greece. At Bulgarian gas stations, different types of fuel currently cost between 1.2 and 1.72 euros per liter. Across the southern border, however, prices are higher, generally ranging from 1.7 to 2 euros, while certain fuels are sold for as much as 2.2 euros per liter. For travelers planning a weekend trip to Greece, the price gap means that filling the tank before leaving Bulgaria could be the more economical option.
The ongoing tensions in the Middle East are playing a major role in these developments. The confrontation involving the United States, Israel and Iran affects a region that is central to global oil extraction and transportation. Any military escalation there raises concerns about potential disruptions in supply chains and the possible closure of key maritime routes, particularly the Strait of Hormuz.
Such risks tend to push prices upward as markets react to uncertainty. Traders often respond with speculative buying, which further drives the cost of crude oil higher.
European Union countries also feel the consequences because they rely heavily on imported energy resources. When oil becomes more expensive on international markets, the increase is quickly reflected in retail fuel prices such as gasoline and diesel. Higher energy costs then ripple through the broader economy by raising transportation and production expenses.
This chain reaction can ultimately add pressure to inflation across the EU. As operating costs grow, the prices of goods and services tend to follow, placing additional financial strain on both households and businesses.
Source: BGNES