Cyprus is entering a new period of energy uncertainty as sharp increases in global oil and fuel prices revive memories of the 2022 market shock triggered by Russia’s invasion of Ukraine.
Benchmark U.S. crude posted its steepest rise since records began in 1983, climbing to $90.90 a barrel. Analysts warn the surge may not be over, with some forecasting prices could break above $100 if geopolitical tensions continue to escalate.
The latest spike comes as the war in the Middle East enters its second week, adding volatility to global markets and raising fears of supply disruptions across the region.
Marios Drousiotis, president of the Cyprus Consumers Association, said the uncertainty is already filtering into the local market.
“Fuel prices have shown their teeth this week,” he said. “Since Monday, petrol has risen by an average of 1.7 cents per liter across Cyprus, diesel by 2.4 cents and heating fuel by 2 cents.”
Economists warn that higher fuel costs could trigger a second‑round effect on energy bills and consumer goods, though the scale of the impact remains unclear.
The price rally has also unsettled consumers, with some rushing to supermarkets to stock up on dry goods. Drousiotis urged the public to remain calm.
“There is no reason to worry about food shortages,” he said. “There is no issue of supply.”
Authorities have also stressed that Cyprus maintains adequate reserves and that no disruptions to essential goods are expected.