Brent crude settled at $100.69 after threats to shipping and renewed US strikes on Iran. Luxembourg’s diesel and heating-oil prices have risen as governments and central banks confront another inflation risk.
Iran's Revolutionary Guard declared the Strait of Hormuz closed “until further notice” on Saturday after firing on the Cyprus-flagged container ship GFS Galaxy, leaving one crew member missing. Within hours, US forces began a third round of strikes on Iran this week — burying the ceasefire agreed in June and putting a fifth of the world's oil back at risk.
The signing of a 14-point US–Iran memorandum reopening the Strait of Hormuz has pulled crude back toward $80 a barrel — and in import-dependent Luxembourg, where the Ministry of the Economy fixes maximum pump prices, the relief is already visible on the motorway price boards.