Falling oil prices signal possible drop in Dutch fuel costs
Oil prices dropped sharply Monday after the United States and Iran halted bombings. A barrel of Brent crude now costs just over 81 euros, compared with more than 88 euros at the end of last week. Pump prices typically lag oil market moves by a few days.
The euro rose 0.3 percent against the dollar. Because oil is traded in dollars, a lower dollar value benefits the European market.
The advisory gasoline price, typically charged only along highways, is 2.634 euros on Monday, according to data from UnitedConsumers. The record of 2.646 euros was set in early May, leaving the current price 1.2 cents short of that mark.
Fuel prices have risen since the war in Iran began at the end of February.
The United States stopped bombing Iran on Friday after two weeks of attacks. Iran said Sunday that it would no longer carry out retaliatory strikes as a result.
Last week, experts still warned of risks to global trade and oil prices as shipping options narrowed. On the Red Sea near the strategic Bab el-Mandeb Strait, Houthi rebels from Yemen attacked ships calling at Saudi ports.
