Energy prices across Europe are hitting record levels as the escalating conflict in the Middle East sparks fears of major supply disruptions. The surge in global oil and gas benchmarks has already begun filtering through to gas stations, with retail prices for gasoline and diesel climbing steadily.

Situation at the Pump

The Netherlands has recorded a significant jump in retail fuel prices. According to experts at UnitedConsumers, major oil companies have already revised their price lists upward.

  • Euro95: Increased to 2.319 euros per liter, up from 2.25 euros in early February.
  • Diesel: Rose to 2.187 euros per liter, compared to a previous price of 2.02 euros.

Analysts note that current figures are rapidly approaching the historic highs of 2022, when gasoline prices exceeded 2.50 euros per liter.

The Oil Rally

Price growth continued on Tuesday, with U.S. West Texas Intermediate (WTI) rising 2.3% to $72.83 per barrel, while Brent crude gained 3% to reach $79.98. The market had already jumped 8% the previous day due to intensifying supply shortage concerns.

Key instability factors include:

  • Strikes on facilities in Lebanon, Saudi Arabia, and Qatar.
  • Iranian threats to block the Strait of Hormuz, a conduit for one-fifth of global oil traffic.
  • Reports of a drone attack on a U.S.-linked tanker.

President Donald Trump has expressed readiness for decisive action, while Secretary of State Marco Rubio announced a market stabilization plan that may involve releasing strategic reserves.

Europe's Gas Crisis

Natural gas futures in Amsterdam soared 30% to 58 euros per megawatt-hour after Qatar was forced to halt LNG production following attacks on energy infrastructure. Goldman Sachs has warned that a month-long blockade of the Strait of Hormuz could cause gas prices to double.

The European Central Bank has voiced concerns that a prolonged conflict could trigger a new inflationary spiral within the eurozone. Meanwhile, China has called on all parties to ensure the safety of maritime routes, emphasizing their critical importance to the global economy.