global crisis

Serbia faces fuel price risks amid Iran tensions and global oil market instability

A further significant fuel price increase is expected if Iran follows through on its threat to block the Strait of Hormuz, a crucial shipping route through which about one-fifth of the world’s oil supply passes. Tomislav Mićović, Secretary General of the Association of Oil Companies of Serbia, told RTS that such developments echo the sharp rise in oil prices after the outbreak of the war in Ukraine. He explained that oil trading does not occur over the weekend, so current…