Oil price rises again above 90 dollars per barrel

The price rally in oil continues this week. According to international media, Tehran and Washington want to resume the peace talks, but there is still no sign of de-escalation. For the tenth day in a row, the US is carrying out attacks on Iran, which in turn has American targets in the region in its sights. In addition, the Houthi rebels in Yemen, backed by Iran, announced that they will impose a sea blockade in the Bab el Mandeb Strait, which Saudi Arabia uses to bypass the Strait of Hormuz. At the time of writing, Tuesday afternoon 21 July, the oil price stands at $90.71 per barrel. That is 27% higher than on 1 July. In one week, the oil price rose by more than 18%. After an interim agreement on a ceasefire and the reopening of the Strait of Hormuz was reached in mid June, the oil price fell. On 1 July, a barrel of Brent oil was priced at $71.57, the lowest in more than four months. In the following week, it became clear that the ceasefire was definitively no longer being respected by either side. That is accompanied by further restrictions on shipping through the Strait of Hormuz. Before the war in Iran, an average of 138 ships per day passed through the strait, according to the Joint Maritime Information Center. In mid June, during the ceasefire, an average of 36 ships per day passed through the strait. The Belgian outlet De Morgen reports, based on data from AXSMarine, that both last Sunday and Friday seven ships passed through the Strait of Hormuz. On Saturday, according to the data, thirteen ships passed through the strait. Director of the International Energy Agency (IEA) Fatih Birol states today in a statement that exports from the Gulf region are lower than at the end of June, but still significantly higher than between early March and mid June. Concerns about supply security are increasing because of the hostilities around the Strait of Hormuz, the energy infrastructure in the region and the threats to the Bab el Mandeb Strait. The latter has become increasingly important in bypassing the Strait of Hormuz, according to Birol. Oil producers, especially in the United States, Brazil, Venezuela and Kazakhstan, have also increased their exports. In addition, China has almost halved its crude oil imports. Oil is also still being released onto the market from emergency stocks. Of the 400 million barrels released by IEA member states, about 110 million remain. In addition, there are still government controlled reserves of more than 1 billion barrels. Week overview of transactions In the Transaction app, five transactions in the Netherlands for EN590 (diesel) were reported from 15 July through today, with prices between €148.60 (transaction date 3 July) and €168.30 (16 July) per 100 liters. There was also a propane transaction at €74.46 per 100 liters (3 July). Diesel The LTO member price for 100 liters of diesel (from 4,000 liters) is €176.02. That is 2% higher than a week ago. Compared with the recent price low of 18 June, the price has risen by a little over 19%. Higher refinery margins Not only are crude oil prices high, Dutch refineries have also earned more on average since the war in Iran on refined products such as diesel, gasoline and kerosene, according to the latest Energy Monitor from the Netherlands Authority for Consumers and Markets (ACM). Wholesale prices for diesel and gasoline also started rising before the recent closure of the Strait of Hormuz and the rise in oil prices, says the ACM. The market watchdog also reports that gasoline and diesel can differ in price by about 25 euro cents per liter per Dutch filling station (around €12.50 per full tank). Martijn Snoep, chairman of the ACM, says in a statement that the monitor 'shows that especially unattended stations without a shop, which are usually not located on motorways, often offer the lowest prices'. Gas price The gas price is showing a steep curve, with an increase of more than 13% in the last week. The gas price is now €60 per megawatt hour and that is more than 48% above the most recent low on 25 June (€40.50 per MWh). According to the IEA, the increased LNG imports from other markets, especially the United States and Canada, have compensated for about 70% of the supply loss via the Strait of Hormuz. Because the resumption of exports from the Gulf region is taking longer, according to the agency this will 'be felt by all LNG importers, including Europe, which wants to replenish its gas stocks for the coming winter'. According to Gas Infrastructure Europe, European gas stocks are currently 54% full, while last year around this time they were 65%. The Dutch stocks, at just under 33%, lag behind the European average and also behind last year. On 21 July 2025, Dutch gas stocks were 54% full. Electricity The average day prices on Epex Spot varied last week between €150.85 (16 July) and €69.64 (19 July) per megawatt hour.