Energy markets are experiencing a period of heightened uncertainty. Commodities linked to energy are reacting quickly to any geopolitical risk signals, leading to significant price swings. These fluctuations, when they affect oil or natural gas, often impact the everyday economy, sooner or later.
In recent days, attention has focused on the performance of crude oil and gas prices in international markets. Analysts and traders are closely monitoring developments in the Middle East, a key region for global energy supply.
Middle East Tensions Shake Markets
Increased tensions between powers involved in the region, including the United States, Israel, and Iran, have generated concern in the global energy sector. Clashes and military movements in various parts of the area have raised fears of potential disruptions to hydrocarbon supplies.
The Middle East accounts for a very significant portion of global oil and gas production, so any instability in the region has immediate repercussions in international markets.
One of the most sensitive points is the Strait of Hormuz, one of the most vital maritime routes for energy transport. An enormous amount of oil destined primarily for Europe and Asia flows daily through this strategic corridor, located between Iran and Oman.
According to sector estimates, more than 20 million barrels of crude oil pass through this waterway each day. Any threat to the security of transit at this point generates nervousness among traders and often translates into price increases.
Oil Prices Surge
Markets reacted immediately. The price of Brent crude oil, a benchmark for Europe, closed at around $92.69 on Friday, reaching its highest level since April 2024.
The rise in crude oil prices has been particularly sharp in the last week, with an increase of nearly 26%, one of the largest variations recorded in recent years. This surge reflects growing concerns about supply disruptions and the potential for further escalation in the region.
Brent is the main indicator of the price of oil traded in Europe. When its price rises, the increase usually gradually translates into higher fuel prices at gas stations.
Gasoline and Diesel Prices in Spain This Sunday, March 8
In Spain, the first effects are already being felt in fuel costs. Although oil prices have not experienced new jumps over the weekend, prices at gas stations have continued to rise slightly.
According to the latest available data, the average price of 95 unleaded gasoline is around €1.6343 per liter, while 98 gasoline is around €1.80. In the case of diesel, the average cost is approaching €1.723 per liter, a figure that reflects the upward trend of recent days.
Cheapest Gas Stations in Spain
As is customary, prices can vary considerably depending on location and the service station. Some gas stations offer more competitive prices than the national average.
Prices may vary depending on the city and service station. Despite this increase, there are still service stations with noticeably lower prices. Among the cheapest gas stations in Spain for 95 gasoline are the Alcampo in Barbastro (Huesca), at a price of €1.41 per liter; Alcampo in Haro (La Rioja), at €1.419; Alcampo in Alcañiz (Teruel), at €1.42. For diesel, the most economical are Combustibles y Lavado Los Palacios in Palacios y Villafranca (Seville), at €1.257 per liter; E. S. Vilaboa in Valdoviño (A Coruña), at €1.44; and Alcampo in Alcañiz (Teruel), at €1.44 per liter.
Natural Gas Prices Also Rise
The impact of geopolitical tensions is not limited to oil. The European natural gas market has also registered significant increases. The price of gas for delivery in one month in the TTF market of the Netherlands, considered the reference in Europe, recently exceeded €53 per megawatt hour. This indicator reflects the cost of natural gas on the continent and is key to calculating both energy bills and the costs of many industries.
If tensions in the Middle East intensify or affect energy infrastructure or strategic maritime routes, prices could continue to rise in the coming weeks. Conversely, any sign of stabilization or guarantees regarding international supply could curb the escalation.
