image sourced from original article at Fuel prices in the United Arab Emirates fell in February for the second straight month, offering motorists some relief. Super 98, Special 95 and E-Plus 91 were each cut by around eight to nine fils per litre, while diesel prices also declined. The reductions came as global oil prices had eased earlier in the year.
However, global energy markets shifted during February as renewed tensions between the United States and Iran pushed crude prices higher. Brent crude rose above 71 dollars per barrel at one point, with analysts saying prices include a significant geopolitical 'premium' linked to fears of military escalation. Although some experts believe the market remains well supplied and resilient, uncertainty around the Strait of Hormuz has increased shipping insurance costs and added to volatility.
Because fuel prices in the United Arab Emirates are adjusted monthly based on average global oil prices, the higher February average for Brent suggests March may not bring the same relief seen last month. With geopolitical risks still elevated, motorists could see pump prices edge higher when the new rates are announced.
