Oil and gas prices rise as Middle East conflict escalates
Consumers in Europe are set to pay more for fuel, with petrol prices climbing again as tensions in the Middle East continue to push up global energy costs.
From Friday, the maximum price for petrol 95 (E10) will increase by 4.3 cents to 1.677 EUR per litre, according to new tariffs published by the Belgian Federal Public Service Economy. Petrol 98 (E5) will also become more expensive, rising 1.7 cents to 1.74 EUR per litre, likewise the highest level in months.
Other fuels are also affected. The maximum price of LPG will increase by 4.9 cents to 0.871 EUR per litre, the highest level in about a year. Households using heating oil will also see prices edge up, with deliveries of 2,000 litres or more rising to 1.049 EUR per litre.
Diesel prices have already jumped sharply. On Thursday, the maximum price for diesel (B7) rose by 14.4 cents to 1.923 EUR per litre, the highest level since November 2023.
Global tensions driving energy costs
The price increases reflect developments in international energy markets. Oil and gas prices have surged since the outbreak of fighting involving the United States, Israel and Iran.
The conflict has disrupted shipping through the Strait of Hormuz, one of the world’s most important transit routes for oil and natural gas. The waterway connects the Gulf of Oman with the Persian Gulf and is crucial for energy exports from the Gulf region.
Disruptions to shipping and reduced production by several Gulf states have tightened global supply. As a result, the price of Brent crude, the European benchmark oil, climbed to around 84 USD per barrel in early trading on Thursday, roughly 16 per cent higher than before the conflict began and close to its highest level since mid-2024.
European natural gas prices are also rising. On the Dutch futures market, gas for April delivery traded above 53 USD per megawatt-hour on Thursday morning, up more than nine per cent. Prices had already surged roughly 70 per cent in recent days before briefly dipping earlier in the week.
Energy traders say markets remain highly sensitive to developments in the region, particularly any further disruption to transport routes or energy infrastructure.
Direct impact in Belgium
Belgium is particularly exposed to global energy price movements because retail fuel prices are closely linked to international oil product quotations. The federal government sets maximum prices for fuels such as petrol, diesel, heating oil and LPG, which are adjusted frequently based on international market trends.
Taxes and excise duties also play a significant role: a large share of the price motorists pay at the pump consists of government levies and VAT.
© PHOTO ANTHONY BEHAR / SIPA / USA
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