Iran War: How Fuel Prices Shifted Worldwide

Global oil markets have been roiled in recent weeks following the escalation of the Middle East war involving Iran, raising concerns about supply disruptions in one of the world's most critical energy regions. According to Reuters, Brent crude prices surged above $110 per barrel last Friday, their highest level since 2022, as fears mount over prolonged disruptions to shipments through the Strait of Hormuz, a key chokepoint for global oil flows. The International Energy Agency has also warned that the crisis could lead to one of the largest oil supply disruptions in recent history, adding further volatility to energy markets and putting upward pressure on fuel prices worldwide.

According to data from Global Petrol Prices, this dynamic is clearly reflected in retail fuel prices, which have risen sharply across many countries between late February and late March 2026. The increases have been particularly pronounced in emerging markets, with gasoline prices jumping by more than 50 percent in the Philippines and nearly as much in Nigeria (around 49 percent), with diesel rising even more steeply. Advanced economies have also seen notable increases, with gasoline prices climbing by roughly 25 to 30 percent in the United States and Canada over the period, and diesel prices up by around 40 percent in both countries.

Across Europe, price hikes have been more moderate but still significant, with gasoline rising by around 17 percent in France and Germany, while diesel (more directly linked to global trade and transport) saw stronger increases of up to 30 percent. In Asia, the picture is more mixed, with relatively limited increases in China, South Korea and Japan (from 2.5 to 10 percent for gasoline), reflecting in part the use of price controls and other government measures to cushion the impact of rising global oil prices.