Brussels: Diesel prices in Belgium will reach a new high on Tuesday, Belga News Agency reported, citing the Economy Ministry. Diesel (B7) is set to increase to £2.333 per liter (about $2.77), marking a rise of 17 cents. Petrol 95 (E10) will see a maximum price of £1.92 per liter (about $2.28), up by 5.7 cents. Additionally, heating oil (H0/H7) will rise by 3.5 cents to £1.4347 per liter (nearly $1.70) for orders of at least 2,000 liters.

According to Anadolu Agency, the recent increase in fuel prices is partly attributed to geopolitical tensions following Iran's announcement of navigation restrictions in the Strait of Hormuz. This key transit route for oil tankers has been under scrutiny since March 2, when Iran threatened to attack any vessel attempting to pass without prior coordination. The strait's effective closure has led to a rise in oil prices, alongside increased shipping and insurance costs, contributing to global economic concerns.

The region has been on heightened alert since the United States and Israel launched an air offensive on Iran on February 28, resulting in over 1,340 fatalities, including the death of then-Supreme Leader Ali Khamenei. In retaliation, Tehran has conducted drone and missile strikes targeting Israel, Jordan, Iraq, and Gulf countries hosting U.S. military assets, further exacerbating the situation.