Oil at $108 a Barrel, Pressure Grows for Prices Above 220 Lek in Albania

Oil on international markets is rising at a fast pace, increasing the pressure for the price at fuel stations in Albania to exceed 220 lek per liter. The rise comes after tensions in the Middle East and the sharp fall of supplies through the Strait of Hormuz.

The price of oil has risen to $108 per barrel this week, increasing pressures for it to exceed the price of 220 lek per liter at fuel stations in Albania.

Brent oil rose more than 3%, after new developments in the Middle East, where a merchant ship was hit in the Strait of Hormuz. At the same time, Saudi Arabia temporarily closed its main oil pipeline transporting toward the Red Sea, bypassing Hormuz.

This has added to fears of supply disruptions, since about 20 million barrels of oil a day passed through this strait before the war. Now, flows have fallen to about 7 million barrels and the consequences of this situation are also being felt in Europe and the United States.

President Donald Trump has also blamed Ukrainian attacks on Russian refineries for the diesel shortage, but analysts assess that disruptions near Hormuz have caused larger supply losses.

On international markets, fears of a deeper energy crisis are adding pressure on oil and fuel prices.