Podgorica, (MINA-BUSINESS) – Fuel prices are expected to continue rising as a result of geopolitical tensions in the Middle East, with diesel likely to see the sharpest increases, the Ministry of Energy and Mining warned, adding that Montenegro cannot shield its domestic market from global price trends.

The Ministry said the renewed escalation of the conflict in the Middle East and the risk of further disruptions to shipping through the Strait of Hormuz have triggered another sharp increase in global crude oil and refined fuel prices.

“All countries that depend on imported petroleum products, including Montenegro, are facing the same consequences,” the Ministry said in a press release.

According to the Ministry, fuel supplies to the Montenegrin market remain stable and that there is currently no reason for concern over the availability of petroleum products.

“However, international markets remain highly volatile, making it impossible at this stage to reliably predict the duration or full extent of further price increases. The Ministry of Energy and Mining will inform the public of the results of the next fuel price calculation in due course,” the press release reads.

The latest escalation followed renewed military strikes in southern Iran and retaliatory attacks by Iran across the region, after which restrictions on navigation through the Strait of Hormuz and a blockade of Iranian ports were reimposed.

Additional uncertainty stems from the possibility that disruptions could spread to shipping routes through the Red Sea and the Bab el-Mandeb Strait.