Daily Brief: Mozambique Gasoline Surges 12.1% on Iran Crisis

Mozambique posted the largest gasoline price increase among tracked markets, rising 12.1% week-over-week to $1.652 per liter, according to data from Club of Mozambique and Capital Economics. The spike reflects broader global energy disruptions tied to the Iran crisis, which has affected shipping and oil production. TotalEnergies also reported a $4.5 billion cost increase for its Mozambique LNG project, per Reuters, adding to regional supply pressures.

In Canada, gasoline prices showed stark divergence: one region recorded a 10.0% weekly increase to $1.536/L, while another saw a 9.9% decline to $1.259/L. The New York Times reported that Prime Minister Carney suspended the federal gas tax to offset rising fuel costs, as the IEA chief warned the energy crisis would become a 'daily issue' in Canada soon.

Across the Baltics, Estonia and Latvia both saw gasoline drop 6.3% to $3.112/L, per data from ERR and Anadolu Ajansı. Retailers in Estonia warned diesel prices would remain high until the Iran crisis is resolved. Watch for further volatility as the Strait of Hormuz blockade continues to pressure global crude and LNG supply chains.