The International Energy Agency (IEA) has substantially revised down its expectations for global oil demand and supply in 2026 due to the lack of an agreement to reopen the Strait of Hormuz. The current situation has shattered the positive expectations of a month ago, which will keep crude oil prices high, while reserves have fallen to their lowest levels since April 2025.

The famous rocket and feather effect – which states that gasoline rises quickly when oil becomes more expensive, but when oil is cheaper the fuel price falls very slowly – has occurred again. During the last month, fuel prices in Spain have risen by almost 20%, even though from July 31st until yesterday the price of oil has fallen by 10%.

Black Monday on financial markets. The new escalation of tension between the United States and Iran has once again shaken the price of oil and European stock markets. The Spanish stock market and the rest of the European exchanges closed the session with significant losses, dragged down by the warlike situation. For its part, crude oil is once again rising more than 5%, to $95 a barrel of Brent.