The US economy has been feeling the effects of the war in the Middle East and the escalating price of oil for some time now. The Consumer Price Index (CPI) in March confirms this and reveals how the impact of the conflict and the closure of the Strait of Hormuz is reaching the pockets of Americans, as it soared to 3.3%, the highest level since May 2024. This rise coincides with market forecasts, which already expected a considerable escalation compared to February's 2.4% as a consequence of high gasoline prices.

Gasoline will go up. Rents will become more expensive, salaries will stagnate. You will have everything much more complicated, my son: I didn't expect it either. Sometimes it's hard for me to talk to you about the possibilities that opened up for us before, when the social elevator worked, when having a degree and a master's degree seemed like a guarantee of everything. Current volatility has its advantages, for sure: you are less tied down, you learn more things, you get by and you depend more on your own adaptability. I mean, let salaries stagnate, man: they are not you. Don't you stagnate, nor let yourself stagnate. I know we all need a ground that doesn't move much, to dare to change when we feel like it and not because the flames catch us. But the ground is not you. Decadence is not you, minimum wage is not you. You'll have to work hard and not trust anything, that's for sure. When did things go wrong? I suppose with the 2008 crisis and with the coronavirus, and in our country with the Process, but they are not you either. They are facts, data, circumstances, the weatherman. The rawness with which democracy cracks will force you to have little faith in your rights (which you will have to defend more than would be normal) and to concentrate more on your duties (surviving without harming, basically). But the system is not you, bankruptcy is not you, fragility and mediocrity are not you. And as for the social elevator, my son, don't think so either: everyone knows that in reality it was always stairs.

The announcement of the VAT reduction on fuels from 21% to 10% just over a week ago, decreed by the Spanish government, has not had the expected effects, according to the consumer association Facua. This extraordinary measure, intended to cushion the impact of rising crude oil prices due to the war in Iran and the closure of the Strait of Hormuz, has made it possible to reduce the price of fuel (diesel and gasoline) and move it away from two euros per liter, but it has not had the desired real impact on the pockets of final consumers, according to Rubén Sánchez, spokesperson for Facua.The consumer association estimates that one in every four petrol stations took advantage of the entry into force of the decree that reduces the price of VAT on fuels to apply a hidden price increase, and criticizes the refusal of Pedro Sánchez's executive to set price caps on fuel or limit the final commercial margin of petrol stations on the final price.  

The escalation of the war in the Middle East, with the entry of the Houthis into the conflict, has sent oil prices soaring this Monday, reaching highs since the beginning of the war. During the day, the price of a barrel of Brent crude exceeded 115 dollars, although it later fell slightly and by the afternoon was around 112 dollars per barrel.

“Demand has doubled, but usage has not”, said Chris Bowen, Australia’s Minister for Climate Change and Energy, in a parliamentary debate that more closely resembled a farce, were it not for the fact that following the blocking of the Strait of Hormuz, a liter of gasoline has surpassed 3 dollars (1.80 euros) and more than a hundred gas stations have run out of fuel.

The price war at gas stations has erupted. At least temporarily, and with greater savings the more contracts and service agreements signed with the companies. This comes after fuel prices soared the day after the outbreak of war in the Middle East and the surge in oil prices, which reinforced the situation. from the control of abuses by the National Commission for Markets and Competition (CNMC)The major companies have entered into a price war ahead of Easter. In any case, the biggest discounts are obtained if other services related to electricity or gas are contracted.

The US and Israeli attacks on Iran are already impacting people's wallets. The situation will worsen the longer the conflict lasts and the longer it takes to resolve the closure of the Strait of Hormuz, through which a fifth of the world's oil and gas passes. "Nobody knows what will happen tomorrow, but we do know that the risk is very high," says Javier Díaz-Giménez, a professor at IESE Business School. The problem is that we are in a context of uncertainty and volatility, adds Pedro Aznar, an economics professor at ESADE Business School.

I suppose it's clear by now that when we talk about the Iran war, we're talking about a conflict that, apart from the deaths and displacements that, for the moment, don't affect us, has economic consequences that do affect us, especially because the price of oil has skyrocketed and threatens to rise even further.

The Spanish government is working on a package of measures to address the economic consequences of the war in the Middle East, especially the surge in energy prices. Meanwhile, employers' associations, unions, and various sectors of the economy are already presenting them with different demands, some of which share a common denominator: a tax cut. In fact, following the round of political talks between the Ministry of the Presidency and the parties in Congress, this Thursday morning it is the turn of the major unions and employers' associations: CCOO, UGT, CEOE, and Cepyme will meet with the Spanish government's economic ministers at the Ministry of Economy.

The Spanish hydrocarbon company Moeve (formerly Cepsa) and the Portuguese company Galp have reached a non-binding agreement to advance negotiations on the potential integration of their businesses. downstream —refining, distribution, and sales at service stations—, with the aim of jointly gaining scale in an increasingly competitive sector and thus creating a European giant on the Iberian Peninsula, according to a statement released by Moeve. Specifically, the negotiations will assess the possible creation of two complementary European energy platforms: an industrial one, called IndustrialCo, which will focus on the refining and chemical businesses. trading, green molecules and low-carbon fuels, geared towards serving corporate clients; and another mobility division focused on the sale of fuels (including electric vehicle charging) and convenience services aimed at retail and mobility customers, while driving the development of next-generation mobility solutions, called RetailCo.

Fuel prices began 2026 continuing the downward trend that began in December, marking their fifth consecutive week of decline and accumulating a drop of almost 5%. Specifically, in the last week of 2025, the average price per liter of gasoline fell by 0.76% to €1.44, bringing the total decrease since the beginning of December to 3.29%, according to data from [source missing]. EU Oil Bulletin

In mid-June, fuel prices were causing a scare. Although until then they had seemed to resist the conflict, Israel's attack on Iran That month, the threat of the closure of the Strait of Hormuz put upward pressure on the price of oil, and consequently, also on the price of gasoline and diesel, which rose by 0.4% in the penultimate week of June. Specifically, on June 19, a few days after the escalation of the conflict, the average price of a liter of diesel stood at 1.364 euros, according to the European Union Petroleum Bulletin (EU), while in the case of gasoline it did so at 1.463 euros.

One of the main concerns when changing a car is how many kilometers it has and how many years of service it can handle without serious breakdowns. A study by the University of Birmingham and of the London School of Economicscarried out on 30 million vehicles and with more than 300 million records of breakdowns and incidents, it has allowed us to approximate the real useful life of current cars.

The age of the car fleet circulating on our roads continues to grow and now stands at an average of 14.5 years, a figure 0.3 years higher than the 14.2 years recorded in 2023. This figure is even higher if we analyse the rest of the vehicles. We find that industrial vehicles are the oldest in the fleet with an average of 15.1 years, but not far behind commercial vehicles, with 14.7 years. As for buses, they are the youngest with an average of 11.5 years.

Fuel prices continue to fall during the summer vacation months. The prices of gasoline and diesel in Spain have registered a new week of falls and the downward trend which started at the end of June continues, according to data published this Thursday in the weekly European Union Oil Bulletin.

Fuel prices have reached record highs driven by shortages caused by the recovery of the economy after the pandemic and the war in Ukraine. According to the European Union's Weekly Oil Bulletin, the price of 95-octane gasoline averaged €1.84 per litre in Spain, and the price of diesel jumped to a record-breaking €1.81 per litre.

Russia's attack on Ukraine has accelerated the rise in fuel prices in Spain, which were at historical records, but in the last week have soared, according to data from the European Union's Oil Bulletin on Thursday. In fact, 95 octane gasoline has risen in just one week by 4.4%, while diesel has increased by 5.6%. Both fuels have reached record highs: €1.679 per litre in the case of 95 octane gasoline and €1.581 per litre in the case of diesel. The price increase has gained momentum with the war, since the previous week, despite going up, gasoline had risen by 1% and diesel by 1.5%.

Despite the fact that the price of electricity has been the great protagonist of the summer, fossil fuels have also seen a sharp price rise over the last twelve months, which stands at around 22%. The prices of diesel and gasoline this August are at very high levels and recorded levels that were not achieved since the summer of 2013. And this happens at the gates of one of the weekends with more road mobility of the whole year, when hundreds of thousands of people across the country begin or end their summer holidays - and there is a significant increase in the demand for petrol at gas stations across the country.