Global oil prices surged past $100 a barrel as geopolitical tensions escalated, impacting vital shipping lanes. The disruption to exports through the Strait of Hormuz, which handles 20% of global oil trade, has triggered significant fuel price hikes across Europe and the UK.
Across the EU, fuel prices rose approximately 13.5% between February and March 2026. Latvia and Sweden reported the steepest increases, exceeding 20%. Diesel drivers experienced the most severe impact, with prices climbing nearly 19.1%, compared to 10.6% for petrol.
In specific European countries, Czech and Swedish diesel drivers faced price jumps of around 27.6%. Petrol prices also saw substantial increases, with Belgian, Swedish, Austrian, and Czech drivers experiencing rises of approximately 15%. Slovenia, Slovakia, and Hungary reported comparatively smaller increases.
The United Kingdom also experienced significant fuel price inflation. Year-on-year, UK diesel prices rose 26%, and petrol increased by about 11%, resulting in a nearly 19% overall fuel spike. Germany and Romania saw the highest increases within the EU, with costs rising by 19.8% and 19.6% respectively. Hungary and Slovenia were exceptions, with minor price decreases attributed to government interventions and local market conditions.
Governments are exploring measures to support consumers, including potential adjustments to state aid rules, as sustained high oil prices and geopolitical instability continue to strain national economies.