Data from the Association of Petroleum Marketing Companies in Greece show retail gasoline and diesel prices have fallen back to near pre-war levels as international oil prices eased. Over the past four months, international gasoline prices rose 26.4%, but the recent pullback has lowered the average gasoline price by about 20 leptes per liter from wartime highs. The pass-through to pump prices typically comes with a delay of around four days. A diesel subsidy has also helped limit inflation spillovers by dampening increases in diesel prices.

US and Iranian delegations met in Switzerland for a first round of talks and agreed to create a communication channel for the Strait of Hormuz to help ensure safe passage for commercial vessels, along with a conflict-management mechanism focused on Lebanon. Iran’s foreign minister said some sanctions pressure had eased, including exemptions for oil and petrochemical exports and the release of some frozen assets. After the announcements, oil prices fell, with WTI at $75.70 a barrel and Brent at $79.43. Despite a brief Iranian walkout later, the initial, mechanism-based steps were presented as a concrete sign of lower geopolitical risk.

Greece is set to carry out its first hydrocarbon exploration drilling in 40 years in February 2027 at Block 2 west of Corfu, targeting the Asopos 1 prospect. The gas potential is estimated at about 270 billion cubic meters—more than 40 times Greece’s annual consumption—with the well planned to reach 4,622 meters at a cost of €60–70 million. If successful, development would require roughly €5 billion in additional investment. The project marks the start of substantive domestic gas exploration but is not expected to affect global gas supply in the short term.

Motor Oil CEO Giannis Vardinogiannis said at the group’s annual general meeting that Europe’s aggressive push away from coal and oil has left it with insufficient refining capacity and greater reliance on imports. He called the latest Middle East crisis a “warning bell” that underscores energy-security risks. Vardinogiannis argued that a transition based solely on electrification is not workable without weighing cost and supply security. He said the group is advancing renewable energy projects exceeding 900 MW, while maintaining that refining remains critical for Europe’s energy security.

NBG Securities raised its target price on Motor Oil to €51 from €41 and reiterated its “outperform” rating, citing a stronger earnings and cash-flow profile. The upgrade follows a Q1 adjusted refining margin of $138 per ton, adjusted operating profit of €381 million (+76% year-on-year), and a swing to €378 million in free cash flow from negative a year earlier. The broker also lifted its 2026 EPS forecast to €7.41 and expects a total dividend of €2 per share for 2026, implying a 5% yield.