Europeans Shrug Off High Oil Prices and Keep Burning Fuel

There’s little sign of widespread oil demand destruction in Europe, despite the sharp rise in wholesale prices caused by the Iran war.

The region’s overall appetite for petroleum products, such as diesel and gasoline, is roughly in line with the five-year seasonal average, according to figures from consultancy Energy Aspects. This comes even as traders pay eye-watering prices for fuels amid Middle East tensions that are tightening oil supplies.