Full coverage· Economy· Updated 30 Jul, 16:07

Israeli Gas Prices Surge Above 8 Shekels Amid Global Oil Market Tensions

Gasoline prices in Israel are rising again above 8 shekels per liter due to a global oil price surge and a stronger dollar, reversing recent declines. The increase reflects renewed geopolitical tensions affecting oil supply, with potential for further rises or drops depending on upcoming US-Iran negotiations.

12 newsrooms · 1 language · since 30 Jul, 09:38

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Israeli Gas Prices Surge Above 8 Shekels Amid Global Oil Market Tensions — Illustration by baba

What happened

01Gasoline prices in Israel will exceed 8 shekels per liter after two months of decline.
02Global oil prices rose 22% recently, combined with a stronger dollar, causing an 8% local fuel price increase.
03Prices had eased in June and July due to reduced US-Iran tensions and lower supply disruption fears.
04Renewed geopolitical concerns about oil supply through the Strait of Hormuz triggered the recent price surge.
05If tensions persist, prices may rise further, possibly surpassing 8.20 shekels per liter.
06Improved US-Iran talks could lower global oil prices and reduce fuel costs in Israel by early September.