Latvian fuel prices, particularly for petrol, have seen a notable decline over the past week, with Petrol 95 falling by 0.061 EUR/L and Petrol 98 by 0.051 EUR/L. Diesel prices have been relatively stable after a recent drop. This local trend aligns with the broader July trend where Latvian fuel prices decreased by 3.5% on average. However, the global oil market presents a more complex picture. While there were significant drops in Brent and WTI crude prices earlier in the week due to US-Iran ceasefire talks and OPEC supply additions, the most recent reports from August 5th indicate a surge in global crude oil prices. This whipsaw effect, driven by geopolitical events like the Strait of Hormuz tensions and the fluctuating status of US-Iran negotiations, creates considerable uncertainty. Given that global crude price movements typically impact Latvian retail prices within 1-2 weeks, the recent surge in international oil prices suggests that the current downward trend in Latvia might be short-lived. Therefore, despite the recent local price drops, it would be prudent for drivers to consider filling up now before potential increases driven by the latest global market developments.