The price of oil rises again this Thursday with the Brent barrel, European reference, above 112 dollars during the session. The escalation places it at its highest levels since May, in a context of concern over the security of energy supply from the Middle East.
At 14:25, Spanish peninsular time, Brent was trading at 111.92 dollars, with an increase of 2.84%, after reaching an intraday high of 112.68 dollars. These are data from a session that is still open.
Why the price of oil is rising
The trigger is the new attacks in Saudi Arabia and the fear that the regional escalation will harm production and exports. According to Reuters, Saudi Aramco has asked workers to leave its headquarters in Dhahran and work remotely, while the United States has ordered the departure of part of its diplomatic personnel and families.
The price incorporates the risk that supply will become complicated in the coming days. Futures contracts reflect expectations about future deliveries: if the possibility of attacks on facilities or difficulties in transporting crude increases, buyers are willing to pay more to ensure their supply.
This uncertainty explains why oil can become more expensive even when exports improve. Crude flows from the region have recovered to levels prior to the conflict, but the fear of new interruptions continues to support prices.
What role does the Strait of Hormuz play
The security of maritime transport is one of the keys. The Strait of Hormuz connects the Persian Gulf with the main export routes, so incidents in this passage add uncertainty about the arrival of shipments.
The continuity of attacks and difficulties in exporting certain refined products, such as diesel and aviation fuel, maintain pressure on the energy market.
Brent is at its highest since May, but remains below its historical record. The nominal reference is around 147.50 dollars per barrel reached in July 2008.
How it can affect gasoline and diesel in Spain
The increase in crude adds pressure on the manufacturing costs of gasoline and diesel. However, a 3% rise in Brent does not mean that fuels automatically increase by that same percentage.
The final price of the pump also depends on the quotes of refined products, the exchange rate between the euro and the dollar, taxes, and distribution margins. Therefore, the evolution of the barrel guides the trend, but it does not allow calculating by itself how much it will cost to fill the tank.