Quotes this week for bulk quantities (1,000l-plus) of green diesel have reduced further, now averaging €1.10/l, including VAT.

Those buying volumes exceeding 5,000l are dealing as low as €1.06/l, incl VAT.

Last week, as we went to press, quotes dropped by as much as 8c/l to lows of €1.12/l following the announcement of a peace deal between the US and Iran to end the war in the Middle East. Towards the end of the week, prices dropped further to an average of €1.10/l, incl VAT.

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However, on Saturday it was reported that Iran had closed the Strait of Hormuz once again following Israeli attacks on Southern Lebanon sending shockwaves through oil markets and pausing any further price drops as markets opened on Monday.

In fact, a number of suppliers noted a price increase on Monday of 2c/l. Markets returned to pre-weekend levels on Tuesday as quotes dropped back to €1.10-€1.11/l at the time of writing.

Despite, the temporary upset, prices are back considerably from quotes of €1.35/l five weeks ago. Brent Crude, the global oil benchmark, fell to $76-$77/barrel last Friday, rose to almost $82 over the weekend, before falling to $77-78 as we went to press.