Hike in pump price of diesel and gasoline are expected next week following renewed tensions in the Middle East and decline import of petroleum product from Russia.

Industry source estimated fuel price adjustments next week based on this week’s MOPS and forex averages:

• Diesel +9.50 to +10.50
• Gasoline +3.50 to +4.50

“World oil prices are mainly supported by an elevated geopolitical risk premium, which rebuilt after Iranian attacks on commercial ships attempting to transit the Strait of Hormuz outside the Iranian-approved route, and the retaliatory strikes by the US on Iranian military assets,” the source said.

“Worries of supply disruption, tightening product balances as vessel traffic in the Strait of Hormuz declined sharply, and the US naval blockade of ships to and from Iranian ports have pushed prices higher,” it added.

The rekindled fighting in the Middle East came a month after the signing of a preliminary deal that aimed to end the conflict, which broke out in late February with massive US-Israeli strikes on Iran.

US Central Command (CENTCOM) announced it was conducting a new wave of strikes on Thursday evening to “further degrade Iranian military capabilities” — the sixth straight night of attacks by American forces.

Iranian state TV reported two explosions in the city of Bushehr — home to Iran’s only civilian nuclear plant — in a “continuation of the American enemy aggression”, as well as a series of unattributed blasts in coastal Bandar Abbas.

The official news agency IRNA also said there were “American enemy attacks on areas around Ahvaz”.

Tehran had earlier warned it would target infrastructure across the region if US President Donald Trump followed through on a threat to attack power plants and bridges in Iran — though the White House said he remained “open to diplomacy”.

Iran’s Revolutionary Guards said Thursday that they struck a US airbase in Jordan with ballistic missiles in response to what they described as an American attack near a children’s cancer hospital, also near Ahvaz.

Later on, Iranian state media reported strikes on bridges and an airport in the southern part of the Islamic republic, near the Strait of Hormuz, which has been at the heart of the recent fighting and is crucial to global oil and gas flows.

US allies in the Gulf meanwhile responded to attacks, with Kuwait saying it intercepted Iranian drones and Bahrain sounding air raid sirens.

A senior Iranian military spokesman called for the US to withdraw from the region, saying “we will never back down over the Strait of Hormuz”, state TV reported.

The Strait of Hormuz was briefly reopened after the US-Iran deal in June, but Tehran said last week it would be closed again “until the US ends its aggression”.

The United States has also reimposed its blockade of Iran’s ports.