Oil prices are fluctuating daily due to the situation in the U.S.'s war in Iran and the closure of the Strait of Hormuz. Prices are rising and falling with the news cycle.

Vaht said oil prices fell sharply on Friday when Iran announced that the Strait of Hormuz would be reopened. However, they started to climb again when it stayed shut that evening.

"Prices have already risen by 4 to 5 percent, so it is very difficult to predict where fuel prices will go from here," he said on Sunday evening.

"We are waiting for tomorrow, when the markets open, and unfortunately, if this situation continues, then when the markets open on Monday, we will see a major jump in fuel prices," Vaht told the evening news show "Aktuaalne kaamera".

At the same time, the war in Iran is a gold mine for producers. According to The Guardian, the world's 100 largest oil and natural gas companies are earning a combined $30 million in additional income every hour. One of the biggest beneficiaries is, for example, the American company ExxonMobil.

Vaht said it is a strange situation in which U.S. companies are thriving, but consumers are suffering. All of this is happening ahead of the midterm elections.

"Consumers are looking at Trump politically and asking what is going on. We have our own domestic fuel, we are setting export records, but the prices we pay at the gas station are very high, so Trump himself is actually under quite a lot of pressure," he said.

Washington wants to continue its blockade in the Strait of Hormuz primarily because of the negotiations.

Even if the parties reach an agreement in the near future and the Strait of Hormuz is reopened, there is no reason to expect a sudden recovery in the fuel market. Restoring the entire infrastructure could take two years.

"In reality, the outlook is still very bleak for a very long time," Vaht said.

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