WILLEMSTAD – Motorists on Curaçao and around the world may soon feel the effects of escalating tensions in the Middle East at the gas pump. Following a military strike by Israel on Iran, the global price of crude oil has risen sharply amid fears that ongoing conflict could disrupt oil supplies from the region. 

Concerns over supply disruptions are fueling higher oil prices, which in turn are expected to drive up gasoline prices. 

“The real question is whether this marks the beginning of a larger escalation. That will be crucial in the coming days,” said Dutch energy expert Hans van Cleef in an interview with ANP. He noted that the Middle East is responsible for a significant portion of global oil and gas production, making it highly sensitive to geopolitical instability. 

Van Cleef added that the region remains volatile due to multiple active conflict zones, including in Yemen, where tensions are also high. “It doesn’t take much for the whole situation to spiral,” he warned. 

Economists from ING also acknowledged the growing risk premium in oil prices, although they pointed out that Iran’s oil exports have not yet been directly affected by the Israeli strikes. 

As global markets remain on edge, local consumers may soon notice price increases at the gas stations, with energy costs becoming a growing concern amid already high living expenses.