⏱ 1 min read
Background
Over the eight months since the start of the war against Iran, oil prices have doubled, according to Le Temps. Fuel and heating oil prices have risen even more. This time, it is mainly refining capacity that has been hit.
The key points
In an article on 1 November 2026, Le Temps explains that strikes in Ukraine, Russia and the Middle East are targeting energy assets. They are sending fuel prices soaring.
This situation benefits owners of refineries that are still operational. It also favours the many commodity traders based in Switzerland.
In the week before the article, a barrel of Brent closed on Friday at 117 dollars. That is a 10% gain since Monday, linked in particular to renewed tensions in the Middle East. Several oil tankers caught fire in the Strait ofHormuz after hitting naval mines.
Key figures
- 117 dollars : price of a barrel of Brent at Friday's close
- +10 % : rise in Brent over the week
- 8 months : duration of the war against Iran, during which oil prices have doubled
What it means for businesses
- Traders based in Switzerland : the situation is favourable to them, according to Le Temps.
- Fuel users : prices have risen more sharply than crude oil.
Further reading
Sources
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