European fuel prices are climbing sharply as renewed military strikes in the Middle East disrupt oil shipments through the Strait of Hormuz, pushing crude benchmarks to their highest levels in months.
Diesel prices will jump to €2.145 per litre on Thursday, marking the steepest increase in nearly two months. In Sweden, diesel rose nearly 1.50 kronor per litre in recent days as fuel chains passed on costs. The Czech government allowed price caps on petrol and diesel to lapse, with fuel expected to rise by up to 78 haléřů per litre.
The rally follows new U.S. strikes on Iranian military targets on Wednesday. Brent crude topped $86 a barrel and WTI breached $80, driven by concerns over disruptions to tanker traffic through the Strait of Hormuz.