As of Thursday, 95-octane gasoline costs €1.629 per liter, compared with €1.584 per liter just last Friday, per Postimees.

Similarly, whereas on Thursday diesel cost €1.499 a liter, on Friday it had been €1.424 per liter.

98-octane gas cost €1.679 a liter on Thursday.

Tarmo Kärsna, head of energy sales at fuel retailer Alexela, stated the price hike is directly due to the war between Israel and Iran.

"The reason, in short, is the Middle East war. When this conflict broke out between Israel and Iran, both oil and finished fuel prices jumped up. If this conflict had been short-lived, then as a rule these higher prices would not have reached our gas stations. On Monday there was still hope that things would calm down, but the events of the last few days have still affected Estonia in such a way that the price came down once and now this five-day so-called slack is over and the higher prices reached the gas stations in five days," he said.

Kärsna noted that energy prices in Estonia have recently been falling despite rising global market rates. Uncertainty remains high due to escalating geopolitical tensions—especially fears that conflict in the Middle East could intensify, potentially leading Iran to close the Strait of Hormuz, a crucial route for 25 percent of the world's crude oil, which could in turn drive prices up again.

Like Russia, Iran is a petrostate, holding around 10 percent of the world's total proven petroleum reserves. Almost a quarter of total global oil consumption passes through the Strait of Hormuz, between Iran and the UAE/Oman, making it one of the world's most strategically important choke points.

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