Oil prices have been increasing for weeks. New stimulus to this trend came after Washington’s decision to withdraw from the International agreement on the Iranian nuclear program and reimposing sanctions against Iran, which produces around 4% of world oil. Oil prices are expected to rise even more.
Barrel price jumped by 2,8 % at the London market last week, whereas at the American market the barrel went up by 1,2 %. Sanctions against Iran that Trump announced could lead to the reduction of oil supply from the Middle East at the moment when the offer is equal to demand and when the biggest exporter, Saudi Arabia, and the greatest world producer, Russia, are limiting the production in order to stimulate the price growth.
Maximum retail petrol prices are harmonized every other Monday depending on the change in the prices of oil derivatives at the international market and currency correlation between euro and dollar.
