WorldPosted at: Sep 19 2026 10:31PM


Iran war leading to strong hikes in fuel prices across the globe

Tehran, Sep 19 (UNI) The Iran war is leading to a massive surge in fuel prices around the world, triggering protests and putting further pressure on economies far removed from the conflict.
Some countries, especially those dependent on fuel supplies, are facing much steeper price increases and greater economic strain as higher fuel costs are squeezing consumers while making it more difficult for governments to protect households from the shock, particularly in poorer and developing economies with limited fiscal room.
The rise in oil prices is also pushing up the cost of natural gas, diesel and other fuels in many countries.
According to World Bank data, fuel prices are rising across a broad range of economies, although the extent of the increase varies significantly, Axios reports.
Countries heavily dependent on fuel imports, including Pakistan and Myanmar, have seen particularly sharp increases. The US, despite being the world’s largest oil and petrol producer, has also experienced rising prices.
Crude oil accounts for the largest share of the cost of petrol and is traded on global markets. Unlike some countries, the US federal government has not imposed broad price caps or subsidies on retail fuel.
Ukrainian drone strikes on Russian oil refineries have also contributed to higher motor-fuel prices, particularly diesel.
With no immediate end to the conflict in sight, governments are facing difficult choices between absorbing higher costs through fuel support and allowing consumers to bear the full impact of rising prices.
The International Energy Agency said dozens of countries had introduced measures to cap fuel prices, subsidise them or reduce taxes on certain fuels. Governments have also taken steps to curb demand, including encouraging remote work and restricting official travel.
Global energy supplies are facing a severe systemic squeeze as the escalating U.S.-Iran conflict has drivn Brent crude oil prices past $105–$108 a barrel.
The International Monetary Fund has warned about the longer-term fiscal impact of such measures, particularly where temporary support schemes remain in place after the energy shock eases.
“[A] large share of measures described as temporary lack clear expiration dates or fiscal cost estimates,” senior IMF officials wrote over the summer.
Joseph Webster, an energy scholar at the Atlantic Council, said many governments had focused on suppressing prices rather than reducing demand.
“Many places have failed to reduce demand and are instead artificially constraining prices,” he said.
“This approach is misguided: gradual, managed demand reduction is far less politically damaging than sudden, sharp, and chaotic rationing.”
Webster also said governments should phase out subsidies gradually, warning that allowing fuel prices to rise sharply overnight could trigger further unrest.
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