A sharp rise in fuel prices is expected in Cyprus, according to Savvas Prokopiou, President of the Cyprus Petrol Station Owners Association.

Asked whether fuel prices in Cyprus will increase following the significant global oil price spike caused by Israel’s attack on Iran, Mr. Prokopiou stated, “Unfortunately, a rise is expected,” adding, “This time the increases will be quite abrupt, as the price of oil jumped more than $10 per barrel within 48 hours.”

He explained that, typically, fuel price increases take about 10–15 days to reach the consumer after global oil prices rise.

Beyond that, he noted, “The Ministry of Energy and import companies are better positioned to determine when their shipments arrive and when price adjustments take effect.”

Prokopiou stressed that fuel station owners simply follow the prices set by the suppliers and do not determine them themselves.

Economist Tasos Yasemidis also commented that the renewed confrontation between Iran and Israel is triggering a fresh wave of volatility across global markets—especially impacting crude oil prices.

“This comes at a time when oil prices had seen a significant drop, and oil-producing nations had just announced increased production and supply,” Yasemidis noted.

He said the scale and duration of the consequences will largely depend on how long the conflict continues and the extent of military operations.

According to Yasemidis, Iran continues to be a major concern for the international community due to its nuclear ambitions and its involvement in regional conflicts via proxy militias—a concern echoed in statements from both Israel and the United States.

“The fear of an unpredictable escalation in the region is sustaining strong demand for safe-haven assets, with gold leading the way,” he added.

He observed that gold investments have surged, particularly in regions such as the Middle East and Asia, as a hedge against potential political instability and currency devaluation.