Oil prices continue to rise. On Monday (January 13, 2025), the price of Brent crude reached $81 per barrel, the highest level in four months. Behind this move is the move by the United States, which has imposed extensive sanctions targeting the Russian energy sector. They concern important companies such as Gazprom Neft and Surgutneftegas (including their subsidiaries) and also 183 ships of the so-called “Shadow Fleet“which played a key role in Russian oil exports.
The sanctioned ships, which carried an estimated 1.7 million barrels a day (about a quarter of Russia’s exports), will lose access to insurance and likely lose the ability to dock at ports in countries such as India and China. These two countries, which are among the largest importers of Russian oil, will be forced to look for alternative sources, primarily in the Middle East, Africa or America.
In addition, sanctions will also hit other key players in the market, such as Iran, with tougher measures expected to continue. This is putting pressure on the global oil market and causing fears of a supply shortage.
Impact on fuel prices
Since the beginning of 2025, oil prices have risen by 7.5%, in euro terms even by 8.69%, which is a consequence of the strengthening of the US dollar. This increase in prices is likely to be reflected at gas stations as well. For comparison, the last time the price of Brent oil was at a similar level (in October 2024), gasoline prices in Slovakia were around €1.52/l, and diesel prices were around €1.42/l.
Analysts warn that current developments in the oil market could lead to further price increases, especially if logistical problems and global tensions in energy supplies worsen. The situation on the markets will therefore also be crucial for Slovak motorists, whose expenses on fuel may increase in the near future.
Opening image source: Skitterphoto (pixabay.com)
Source: www.nextech.sk
