Diesel prices cross two-euro mark at Estonian fuel stations

Diesel prices exceeded two euros per litre at fuel stations across Estonia on Wednesday, ERR reported.

By midday, prices had risen above the two-euro mark at several stations. At a Circle K station next to the Methodist Church in Tallinn, a litre of 95-octane petrol cost 1.999 euros, while diesel cost 2.029 euros.

The military conflict between US President Donald Trump’s administration and Iran has sent global oil markets into a deep crisis, pushing crude oil prices to their highest level in recent years, ERR reported. Market participants are particularly concerned about threats to the strategically important Strait of Hormuz, through which roughly one-fifth of the world’s oil consumption passes.

The policy of the Trump administration and fighting in the region have disrupted supplies from the Persian Gulf. The sharp rise in crude oil prices on global exchanges has reached retail markets exceptionally quickly through wholesalers.

Diesel last exceeded two euros per litre in Estonia on March 20. Before that, fuel prices were this high in spring 2022, when Russia launched its full-scale war against Ukraine.