Fuel prices in Croatia have climbed to their highest levels in up to two years as escalating conflict between the United States, Israel and Iran shakes global energy markets, prompting warnings of further increases if tensions intensify.
At most petrol stations across the country, Eurosuper 95 is selling for around 1.46 euros per litre, its highest level in the past year. Eurodiesel costs about 1.48 euros per litre, the highest price in two years, according to retail data.
The rise follows volatility on global oil markets after U.S. and Israeli strikes on Iran and Tehran’s retaliation targeting U.S. bases in the Gulf region.
Benchmark Brent crude is trading at about $82 per barrel after briefly touching around $84 earlier this week. U.S. West Texas Intermediate (WTI) crude slipped from roughly $77 to around $74 per barrel, market data showed.
European natural gas prices have also surged. Front-month futures jumped as much as 36% to nearly 58 euros per megawatt hour, the highest level since January 2023, before easing to around 48 euros per MWh.
Markets remain focused on developments in the Strait of Hormuz, a key shipping route between Iran and Oman through which roughly one-fifth of global oil trade passes, including supplies from Saudi Arabia, Iraq, Kuwait, Qatar and the United Arab Emirates.
Analysts at Goldman Sachs said a full one-month disruption in the strait could lift oil prices by as much as $15 per barrel.
Croatian Prime Minister said the government was monitoring the situation and did not rule out intervention if prices rise sharply.
“The government has protected citizens and the economy in previous crises. If we assess that prices could increase significantly, we will intervene and set a maximum price,” Plenković said.
Former economy minister and ex-INA chief Davor Štern said any serious disruption to shipping through the Strait of Hormuz would have a strong impact on oil, gas and refined product prices, warning also of risks to regional energy infrastructure.
Energy analyst Ivica Jakić, however, said there was no reason for a dramatic surge in prices, arguing that part of the current increase reflected speculative behaviour, as some fuel being sold was purchased when crude prices were lower.
Croatia’s fuel prices broadly track movements on international oil markets, leaving consumers exposed to further increases if the Middle East conflict escalates.