Middle East Conflict: How Fuel Prices are Affected Globally

Fuel price increases have been recorded in at least 85 countries following the start of attacks in the Middle East on February 28. Asia is the most affected continent.

In the United States, the average price of regular gasoline has increased by approximately 20%, reaching $3.58 per gallon. Several states have already exceeded $4 per gallon, while in California the price has surpassed $5.

Vietnam recorded the largest increase, almost 50%, followed by Laos, Cambodia, Australia, and the United States. In Greece, the increase is around 5.08%, with the government announcing measures to curb profiteering.

Asian countries are highly dependent on the Strait of Hormuz, a critical sea passage for oil and natural gas. Transit through the strait has been significantly restricted since the start of the conflict.

To address the crisis, countries such as Japan and South Korea have taken emergency measures to stabilize energy markets.

In South Asia, countries like Pakistan and Bangladesh face even greater challenges due to their limited financial and energy reserves.

In Europe, the G7 finance ministers discussed rising energy prices, while French President Emmanuel Macron raised the possibility of releasing strategic oil reserves.