FUEL prices in Spain have recorded their steepest rise in eight months following the outbreak of the Iran war, new figures show.
Petrol averaged €1.486 per litre on Monday, according to the EU’s Weekly Oil Bulletin, with diesel trailing at €1.441 – the highest prices since December.
The figures, which represent a 1% jump compared with last week, mark the sharpest increase since June last year, when the US targeted Iran’s nuclear facilities in the first bombing campaign of Donald Trump’s second term.
Prices could climb even higher next week, experts warn, as the EU data released on Thursday only includes prices up to March 2.
Since then, the price of Brent crude – Europe’s main oil benchmark – has continued to surge, trading above $83 per barrel after rising around 8% this week alone.
The spike comes after Iran moved to block the Strait of Hormuz, a vital shipping route through which roughly 20% of the world’s oil supply passes, in retaliation for joint US-Israeli strikes that began on February 28.
Tehran has fired missiles at three oil-carrying ships since, warning that any vessels (apart from Chinese ships, which are free to pass) attempting to cross the Strait could be at risk.
US President Donald Trump said on social media: “Whatever happens, the United States will guarantee the FREE FLOW OF ENERGY to the WORLD.”
READ MORE: EU leaders close ranks around Spain after Trump’s furious threat to cut trade over Iran tensions
Despite Trump’s reassurances, the war sent Spanish drivers scrambling across the country, with many flocking to petrol stations in a bid to avoid price hikes.
Long queues were seen in Sevilla, Madrid, Barcelona, Valencia, and Asturias – with several petrol stations also facing increased demand on the Costa del Sol.
An X user reported a sudden and eye-watering price increase at a Petropix station in Andalucia, with side-by-side photos (pictured) showing petrol costing €1.439 per litre at 8.30am on Wednesday, before skyrocketing to €1.519 at 1.30pm on the same day.
The latest development also extends a wider trend already under way in Spain, with fuel prices now rising for seven weeks in a row, according to EU data.
Despite the recent jump, filling up a typical 55-litre tank still costs slightly less than it did a year ago – around €81–€82 for petrol cars and about €79 for diesel vehicles.
Compared with the rest of the European Union, Spain currently sits around the middle of the price table, with both petrol and diesel still cheaper than the EU average.
However, economists warn that the conflict in the Middle East could begin to push up inflation again if energy prices keep rising.
Spain’s annual inflation rate stood at around 2.3% in February, and a prolonged surge in oil prices could place fresh pressure on both households and policymakers.
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