Diesel prices at Estonian filling stations rose above the €2 per liter mark again on Wednesday at a time of soaring oil prices worldwide.
The conflict between the Donald Trump administration in the U.S. and the Iranian regime, which started in late February, has plunged global oil markets into a deep crisis, pushing crude oil prices to their highest levels in recent years.
By midday Wednesday, diesel prices in Estonia had risen above €2 per liter at a number of filling stations nationwide. The Circle K station (pictured) adjacent to the Methodist Church in central Tallinn posted a diesel price of €2.029.
Diesel prices last exceeded €2 a liter on March 20, when fuel prices were at their highest level since spring 2022 in the immediate aftermath of the Russian invasion of Ukraine.
Gasoline prices at the pump have risen too – the same filling station was quoting a price of €1.999 for a liter of 95‑octane. In late April, the price had fallen to below €1.600 a liter.
Market participants’ biggest concern has become the threat to the strategically critical Strait of Hormuz, through which roughly a fifth of the world’s oil consumption passes. U.S.‑Iran tensions and recent strikes have disrupted Persian Gulf supplies, with crude oil prices rising sharply — Brent crude futures rose 1.1 percent to over US$95 a barrel on Wednesday, following a four‑dollar jump on Tuesday, as hopes of a quick easing of Middle East tensions faded.
Trump remained confident this was only a temporary state of affairs, back in April. “The gas will go down as soon as the war is over. It will drop like a rock. There’s so much of it. It’s all over the place, sitting all over the oceans of the world, and it’ll go down,” he said at the time.
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