According to a report by ECO the price hikes are in part fuelled by the military conflict in Ukraine. The average price during the first three days of the week saw an increase of around half a cent, but with the escalation of tension on Thursday and Friday, prices are soaring, a source told ECO.

On Thursday with the invasion of Ukrainian territory by Russian troops, a barrel of brent, which serves as a reference for the European market, reached the price of 106 dollars, a value that had not been reached since 2014.