Diesel prices in Latvia have shown a slight downward trend over the past seven days, falling by 0.010 EUR/L to 1.874 EUR/L. In contrast, Petrol 95 and 98 have remained largely stable, with minor increases of 0.007 EUR/L and 0.009 EUR/L respectively, currently at 1.844 EUR/L and 1.921 EUR/L. Recent local news from May 23 indicated rising fuel prices in Baltic capitals, and earlier reports from May 20 highlighted concerns about increasing travel costs and fuel price surges in Latvia. However, these local trends might be lagging behind the most recent global developments. The global oil market has experienced significant volatility. Most notably, on May 24, both WTI and Brent crude oil prices crashed following reports of a potential Iran deal announced by Trump. This development, if it leads to increased Iranian oil supply, would significantly ease global supply concerns and put downward pressure on prices. This follows earlier reports from May 22 and 21 about Brent and WTI crude prices dropping by nearly 5% and over $2 per barrel, respectively, also linked to US-Iran deal reports. Furthermore, there are indications that OPEC+ might boost output, which would also contribute to a cool-down in oil prices. Given the strong signal from the global crude oil market, particularly the recent crash due to the Iran deal, it is highly probable that Latvian retail fuel prices will follow suit in the coming 1-2 weeks. While petrol prices have been stable locally, the fundamental shift in crude oil prices should eventually translate to lower pump prices for all fuel types. Therefore, drivers are advised to wait for potential price drops.