Iran is planning to raise petrol prices, according to the Financial Times. The increase will specifically target consumers who exceed their monthly fuel quotas, with the highest price tier seeing a significant rise.
The decision follows fuel shortages caused by US sanctions and geopolitical tensions, which have strained the domestic supply and increased demand. Motorists have already begun queuing at gas stations to buy fuel before the new pricing takes effect.
This domestic situation may influence the global oil market and crude oil price predictions. Analysts suggest that Iran's challenges could contribute to a broader rise in crude oil prices, potentially pushing them toward new all-time highs.
Market stability now depends on US-Iran relations and the production decisions of key figures, including OPEC Secretary General Mohammad Sanusi Barkindo and Saudi Energy Minister Abdulaziz bin Salman Al Saud.
