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23
Jul 2026
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The plan for cheaper petrol and diesel this summer: curbing fuel price hikes with a discount at the pump

Athens is preparing a temporary discount on petrol and diesel as renewed U.S.-Iran tensions push Brent above $76 a barrel, with Greece's two refineries funding the scheme, expected to run until the end of August

Russia bans diesel exports to address fuel shortages caused by Ukrainian strikes

"The country's energy system is one of the strongest in the world," Putin says

Oil prices surge following new U.S. strikes against Iran, with Brent crude exceeding $76

The latest exchange of strikes threatens to undermine the fragile ceasefire, while prices are also being supported by the U.S. Treasury's decision to revoke the waiver that had allowed Iran to sell oil

Congestion in the Strait of Hormuz as US–Iran agreement revives shipping – Oil exports resume (videos)

The first major oil shipments are passing through the Strait again as shipping activity restarts, though shipping and insurance market officials remain cautious despite the increased movement

Mitsotakis in Brussels: It is our duty to ensure the reduction in oil prices is passed directly to the pump

“At this moment, the main priority is the restoration of freedom of navigation in the Strait of Hormuz, and we are closely monitoring oil and gas prices,” the Prime Minister said

Oil: Brent stabilizes at $95 due to uncertainty in the Middle East

U.S. crude remains near $93 a barrel as markets assess conflicting signals from diplomatic activity in the Middle East and developments surrounding the Strait of Hormuz

Oil and gold surge after US strikes on Iran, brent above $100

The spot price of gold stood near $4,720 per ounce, recording a weekly increase of 2.3%

Analysis: Even if peace comes to the Middle East now, it will still take a long time for fuel prices to fall

Even if a U.S.–Iran agreement is reached and the Strait of Hormuz reopens immediately, fuel prices are unlikely to return quickly to their early-2026 levels. Markets will need months to be “convinced” that the danger has truly passed. This is the well-known “rockets and feathers” phenomenon

Oil: 9% plunge after Axios report that US and Iran are nearing an agreement

Axios claims the agreement would include, among other things, the lifting of restrictions on ship passage through the Strait of Hormuz

Ceasefire on the brink of collapse: The US strikes Iranian speedboats in Hormuz, Iran hits oil facilities in the UAE

Escort operation for ships amid attacks and rising tensions – Fears of an energy shock and escalation in the Gulf

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