Fuel prices rose sharply in the EU - By 20.7% in May due to the crisis in the Strait of Hormuz
Prices of fuels and lubricants for personal transport in the European Union increased by 20.7% in May 2026 compared to the same month last year, according to official data published by the European statistical office Eurostat.
This development confirms the strong upward trajectory recorded in the energy market following the military involvement of the United States and Israel in Iran in late February, which led to the almost complete blockade of the Strait of Hormuz, one of the most strategic passages for global oil trade.
The upward trend had already begun to emerge in early spring, with prices rising by 12.9% year-on-year in March and by 20.8% in April, completely reversing the general downward trend that had prevailed until February. During May, the wave of price increases hit all EU member states. The largest increases were recorded in Bulgaria with 33.9%, Luxembourg with 32.2%, Lithuania with 30.8% and Romania with 30.4%, while on the other hand, the smallest annual change was recorded in Hungary, where prices rose by only 3.5%.
Oil was the most affected, as its price increased by 29% on an annual basis, while gasoline recorded an increase of 16.2%. However, in the short term and compared to the previous month, the market showed signs of partial contraction for oil, whose price fell by 5.8% compared to April, while gasoline, on the contrary, showed a small monthly increase of 0.8%.
In the monthly comparison between April and May, the price of oil increased only in Romania, while it fell in all other EU countries, with the most significant decreases recorded in Germany, Greece, Estonia and Ireland. In the case of gasoline, the trend was reversed, as 23 European Union countries recorded monthly increases, with Italy leading the way, while Germany, Ireland and Sweden recorded a slight decrease.
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