The Latvian fuel market currently shows stable prices for diesel (2.024 EUR/L), Petrol 95 (1.814 EUR/L), and Petrol 98 (1.893 EUR/L) over the past two days. However, this local stability appears to be a temporary calm before a likely storm, given the significant global developments. Last week, Latvian petrol prices already increased by 4.4% and diesel by 1.2%, indicating an underlying upward trend. Globally, crude oil markets are experiencing substantial volatility and price surges. Brent crude is reported above $109, and WTI crude has topped $112, with some reports even mentioning Brent surging past $140 in spot markets. These increases are driven primarily by escalating US-Iran tensions and the associated risks to oil supply through the Strait of Hormuz. News reports indicate US crude jumping over 11% and Brent nearly 8% after recent geopolitical statements. The consensus among market analysts points to continued upward pressure, with forecasts for WTI to potentially hit $120. European fuel prices are already reported to be climbing due to these supply squeezes, and other EU nations like Prague and Bucharest are moving to stem price surges. Given the typical 1-2 week lag for global crude movements to impact Latvian retail prices, the current stability is unlikely to hold. Drivers should anticipate higher prices in the near future.