After dropping a few days ago, heating oil prices are rising again at the beginning of August, an increase caused in particular by the evolution of the price of black gold following recent events in the Middle East.
Previously, heating oil was priced at 0.8750 euros per liter for purchases exceeding 2000 liters. For orders of less than 2000 liters, the price was set at 0.9142 euros per liter. But after having fallen a few days ago, heating oil prices are starting to rise again from this Saturday.
In fact, according to the announcement made by the FPS Economyheating oil (H0/H7) has been switched to a price of 0.8778 euro per liter for purchases of more than 2000 liters from August 3. For orders of less than 2000 liters, the new heating oil price (H0/H7) is now 0.9170 euros per liter.
Fuel oil prices could increase further in the coming days
This increase in heating oil prices could be the first of many. Indeed, following the assassination of Hamas leader Ismail Haniyeh a few days ago, Middle East tensions have escalated. Observers are expecting a reaction from Iran. With an already very tense atmosphere, recent events are not helping matters, and this is not without consequences on the oil markets.
With what is happening in the Middle East, oil purchases are exploding “to protect against escalation and retaliation, which could have a negative effect on oil production in the region,” explains Tamas Varga of PVM Energy. A growing demand for black gold therefore leads to an increase oil prices. As the market of fuels in Belgium is directly linked to that of oil, the prices of fuel oil and other fuels will also be impacted.
On Friday, August 2, a barrel of North Sea Brent is sold at $78.30, while American West Texas Intermediate (WTI) is sold at $75.03 per barrel. The situation in the Middle East will therefore have to be closely monitored, as it will be decisive for the evolution of oil prices, and therefore for fuel prices in Belgium.
