Record surge in global oil prices: What it means for Montenegro

2026-03-09 - 07:27

Global oil prices surged by more than 25%, reaching their highest level since mid-2022, as the U.S.–Israel conflict with Iran disrupts Middle East supplies and threatens shipping through the Strait of Hormuz, a key route for about a fifth of global oil trade. Brent crude rose to about $117 per barrel, while U.S. WTI jumped to around $116, marking one of the biggest single-day increases on record. In Montenegro, authorities say there is no fuel shortage and that strategic reserves could cover about six weeks of normal consumption, but a sharp rise in fuel prices is expected. Oil companies warn that current regulated retail prices are already up to 30% below international purchase prices, which could create supply problems if geopolitical tensions and high market prices persist. Meanwhile, long lines formed at some Podgorica gas stations as citizens rushed to fill up before anticipated price hikes.