Oil prices continue to rise, and Brenta has surpassed $107
Following the closure of a major Saudi oil pipeline, the situation has worsened and fuel prices continue to rise, with an average price of around EUR 1.9 per litre.
The price of Brent oil, a benchmark in Europe, has risen by more than 1.6% before the opening of European stock exchanges to $107.3 per barrel, owing to the temporary closure of the Saudi East-West pipeline and the difficulties of oil tankers crossing the Strait of Hormuz.
On the other hand, the benchmark West Texas Intermediate (WTI) has risen by more than 1.7% to $103.1 a barrel.
Following drone attacks from Iraq, Saudi Arabia's East-West pipeline was temporarily closed last Saturday, an infrastructure that in recent months has allowed oil to move from eastern Saudi farms to export facilities in Yanbu to the Red Sea.
The importance of this route has increased since the start of the war between the US and Iran and the closure of the Strait of Hormuz, where Saudi Arabia has used the pipeline to channel nearly five million barrels of oil a day, closing the Persian Gulf roads.
With this oil pipeline standing still, and the oil tankers' difficulties in the Strait of Hormuz, Brent oil has reached its highest price in four months.
Fuels are on the rise.
At the same time, it should be noted that fuels continue to rise and fuel is becoming more expensive. 95 petrol has an average price of EUR 1.9 per litre in Spain and diesel is EUR 1.87.
This increase is compounded by the fact that fuel aid is about to expire: the petrol premium is now five cents per litre and diesel 20 cents, both of which will expire at the end of September.
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