Alan Vaht, member of the management board of Terminal, highlighted the Organisation for Economic Co-operation and Development (OECD) overview of strategic and commercial stockpiles.

"They are at their lowest level since 1990. June and July have now also passed, meaning reserves have fallen even further. In addition, Europe's commercial reserves are at their lowest level in 12 years. The US strategic fuel reserves are at their lowest level since 1983," he told Monday's "Aktuaalne kaamera."

In the spring, the International Energy Agency allowed its member states to use up to one-third of their strategic fuel reserves, which are normally required to cover 90 days of consumption.

Estonia also did so, and the State Stockpile Center currently holds enough petrol for 56 days, diesel for 90 days and jet fuel for 77 days.

In the autumn, fuel retailers face tough negotiations over prices. "August and September are the months when all fuel companies across Europe negotiate next year's fuel deliveries to supply filling stations. The most serious question is what price the suppliers' refineries will ask," Vaht added.

European gas storage facilities also contain less natural gas than usual and are 55 per cent full. That is lower than is typical for this time of year.

"The forecast is that if things continue normally, storage levels could reach a maximum of around 75 per cent, while the lower estimate is 70 per cent or even less. Last year's storage levels reached 83 per cent," explained Elenger CEO Margus Kaasik.

Estonia's gas reserves in Latvia's Inčukalns storage facility are in fairly good shape.

"We already have a total of 11 terawatt-hours of gas there, which is quite a substantial amount given the region's consumption, and more gas is still being added. It is realistic that by the end of autumn this could reach around 12 to 15 terawatt-hours, which is a very large volume," Kaasik noted.

At peak levels, those reserves have exceeded 20 terawatt-hours, but they were accumulated during periods of major price fluctuations. Even if the conflict with Iran ends, rebuilding fuel reserves will still take considerable time.

"Reserves are still so low that rebuilding them will take quite some time. A rapid return to pre-war levels is unlikely. For that to happen, shipping through the Strait of Hormuz would need to flow normally for at least six months," said Kalvi Nõu, head of Alexela's energy portfolio.

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