Hääl said on ETV's program "Impulss" on Tuesday that we are likely still far from the fuel price peak.

"I think a simple back-of-the-envelope calculation, and this applies to both natural gas and oil, shows that if 20 percent of global consumption has so far passed through the Strait of Hormuz, and global oil consumption is roughly 100 million barrels per day, and now it has been decided internationally to release 400 million barrels from reserves, then of that 100 million, 20 percent — or 20 million barrels — is now missing," Hääl said, adding that releasing reserves would cover the missing oil for 20 days.

"If the conflict has not ended within 20 days, meaning the Strait of Hormuz has not reopened, then we will see further escalation, meaning we are still far from the price peak today if the conflict does not end. President Trump has no more than until the end of this month to reopen the Strait of Hormuz, and only then will the real price increase come," the Alexela Group owner added.

He said fuel prices will reach €2 as early as Thursday.

"When I briefly checked the quotations before leaving the office, around 7:10 p.m., based on those, I predict it will happen the day after tomorrow," Hääl said.

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