At gas stations in Cyprus, the ignition is being transferred (again) to the Middle East, since, according to the gas station owners and the competent service of the Ministry of Energy, citizens should prepare for increases in motor fuel.
Trump's threats to collapse the truce and new U.S. strikes on Iran are causing concern in the markets, driving up Brent prices. Eventually, these threats were put into practice with mutual strikes on infrastructure.
Now, the markets have moved from "whether we will have a new ignition" to "how long it will last". Because it is precisely in this question, i.e. the duration of the strikes, that the answer lies for oil prices, with the Strait of Hormuz having "informally" closed again and the global oil and gas supply chain once again being on alert.
International oil prices moved slightly higher on Thursday, with Brent reaching $78.4 a barrel, from $78.02 the previous day, and US WTI rising to $73.8, from $73.52.
Be prepared...
The market remains nervous, against the backdrop of developments around Iran and the Strait of Hormuz. This nervousness and concern has already been transferred to Cyprus, since through the statements of the representatives of the gas station owners, as well as the director of the Consumer Protection Service of the Ministry of Energy, it is clear that Cyprus expects increases in the prices of motor fuel.
Although the director of the Service, Konstantinos Karagiorgis, stated in his statements yesterday that no safe predictions can be made about the course of motor fuel prices, he nevertheless reminded that a new tension in the Strait of Hormuz will also affect prices in Cyprus.
It is worth noting that, according to Mr. Karagiorgis, consumers in Cyprus see the fluctuations in the prices of motor fuels at a later date, as the import of fuel from the refineries is based on the prices that were in force approximately every previous ten days.
For his part, the president of the Pancyprian Association of Gas Station Owners discounted that consumers should not expect new reductions in fuel prices, but that they should prepare for increases due to the latest developments and the new conflagration in the Middle East.
