European drivers cutting down on fuel amid Iran war European fuel sales in April experienced their steepest decline since October 2023, with a 3.5% drop in volume within the Eurozone. This reduction is attributed to rising oil prices and inflation, exacerbated by the Iran war which has impacted oil supply routes and increased fuel costs significantly across the bloc. Multiple European economies, including Germany and Norway, recorded double-digit decreases in fuel sales, while the US also faces elevated gas prices impacting household energy spending.

• Eurozone petrol sales decreased by 3.5% year-on-year in April, the largest drop since October 2023.
• The Iran war has led to oil price hikes, with EU average petrol prices rising to €1.8 per liter and diesel prices increasing by an average of 33.7% in twelve EU countries.
• Six European economies, including Germany and Norway, saw double-digit declines in fuel sales.
• Eurozone inflation reached 3.2% in May, up from 3% in April.
• US households have spent approximately $450 more on energy costs since the conflict began, totaling close to $60 billion cumulatively.