The oil price has risen again due to the situation in Iran. Furthermore, speculation about a possible ban on Russian oil imports to India is adding to volatility. Gas prices, on the other hand, are under pressure due to warmer weather.
The oil price has taken a step higher this week. On Tuesday, February 10, the price of Brent crude was 2,5% higher than a week earlier, at $68,98. This brings the price close to its recent high of $70,71 reached in late January. While the increase is clear, it's important to note that the price was almost consistently significantly above this level between 2022 and mid-2025.
The slight increase in oil prices is largely attributable to the ongoing tensions between the United States and Iran. On the one hand, the situation appears relatively stable. The countries are still in talks, and previous negotiations are considered productive by both sides. However, the deal is still far from finalized. The United States is not backing down from its demand that Iran agree to a total ban on uranium enrichment. However, this ban is unacceptable to Iran.
Despite the relative calm, tensions rose again. A warning to the shipping company, in particular, caused tensions. On Monday, February 9, the US government advised US-flagged vessels to avoid the Strait of Hormuz. US President Donald Trump explicitly urged vessels to stay as far away as possible from Iranian territorial waters. Should vessels nevertheless choose that route, the US advises them to sail as close as possible to Oman's territorial waters. The US is issuing the warning in light of Iran's potential desire to board US vessels, but it also fuels fears that military action could follow if the talks fail.
The world is watching India
Meanwhile, the oil sector is also keeping an eye on India. Although oil played no part in the recent joint press conference between Trump and Indian President Narendra Modi, Trump later indicated that India would halt both direct and indirect Russian imports. Negotiations are underway in India for a new trade agreement between the Asian nation and the United States. As part of the deal, Indian Oil, Bharat Petroleum, and Reliance Industries have indicated that they will not sign new contracts for Russian oil for March and April.
Diesel price remains flat
Diesel prices haven't moved immediately and remain relatively flat this week. The price rose by only 0,3% this week compared to the previous week, to €133,67.
Gas prices tempered by mild weather
Gas prices are as mild as the weather, and that's the main factor driving prices down. Except for a clear spike on Friday, February 6th, gas prices have remained lower than we saw in the second half of January. During that period, natural gas prices were quite high, as it was considerably colder than expected. Now, cold days are alternating with days more reminiscent of spring, meaning demand for gas for heating is actually lower than you'd expect at this time of year.
Electricity price quite flat
The electricity market saw a significant upward surge on Monday, February 9th. The price remained relatively flat for the rest of the week, just like the previous week.