The rising price of oil as a consequence of the war in Iran This has quickly been passed on to fuel prices, which have skyrocketed in the last week. This is known as the rocket and feather effect, which states that when oil becomes more expensive, fuel prices rise rapidly, while when crude oil becomes cheaper, fuel prices fall slowly.

After weeks of tug-of-war to close the technical details on the cap on gas prices, this Wednesday the European Commission gave the green light to the "Iberian exception" requested by Spain and Portugal. This mechanism should bring down electricity bills for the next twelve months, and was agreed by both countries with the EU executive. Specifically, the Spanish government estimates that the mechanism will have an impact of between 15 and 20% on families' bills, according to Spanish Prime Minister Pedro Sánchez.