How is the EU approaching record fuel prices?

Transport fuel prices in the European Union have struck record highs in recent days, driven by oil futures surging because of the Middle East war and Ukranian strikes on Russian refineries.The scale of the price increases have differed significantly from country to country, however, as have governments' measures to address the spikes. AFP examines the reasons below: Why prices are so high? Crude oil prices have risen sharply since the start of the conflict in the Middle East, climbing from around $70 per barrel just before hostilities began at the end of February to about $100 currently. However, transport fuels refined from crude oil -- notably diesel, petrol and kerosene that is used to power planes -- have faced even greater upward pressure. In addition to being key producers of crude oil, Gulf nations have become major exporters of refined products. Europe has relied on these producers following Russia's invasion of Ukraine in 2022. However, a surge in maritime freight costs in the Middle East, driven by risks to vessels in the Red Sea and the Strait of Hormuz, has made exporting refined products from the Gulf financially unviable. Tankers designed for refined products carry fa...