A barrel of Brent crude rose by more than 5 percent on Thursday morning to around 113 dollars per barrel. In the Netherlands, the average national recommended price for a litre of Euro95 rose to 2.54 euros. The price of diesel rose by nearly 5 cents to 2.57 euros. Many entrepreneurs rely on the latter fuel to transport goods. Diesel is also an important fuel in construction, inland shipping, and agriculture. Europe is particularly dependent on diesel imports because domestic production is insufficient to meet the continent’s demand.
Strait of Hormuz
Since the start of the war between the United States and Israel against Iran, energy prices have been increasing sharply. Iran continues to block the Strait of Hormuz to most shipping, while approximately one-fifth of the world’s oil and LNG is transported through that strait. Iran also attacks oil and gas installations in other Gulf states.
Middle East
Qatar, Saudi Arabia and the UAE continue to face collateral attacks. According to news agency Reuters, a Saudi Aramco and ExxonMobil refinery in the port city of Yanbu was targeted, but the damage was minor.
Yanbu is located on the Red Sea and, following the closure of the Strait of Hormuz, is one of the few oil export ports the Gulf States can still use. Abu Dhabi reported halting operations at the Habshan gas field due to falling debris.
@anp | NEWS BRAINPORT
