Iran-Israel-US War Triggers Spike in Fuel Prices; Which Country Is Hit Hardest?

A war involving the United States, Israel, and Iran is beginning to have direct impacts on the global economy. One of the sectors experiencing effects most rapidly is energy, particularly the price of petroleum fuel.

Since attacks on Iran began on 28 February 2026, petrol prices in various countries have surged sharply. This spike is driven by disruptions to global energy supply, particularly because major oil distribution routes in the Middle East have been affected.

According to data analysed from the Global Petrol Prices energy monitoring platform, at least 85 nations reported increased petrol prices following the attacks by the United States and Israel on Iran beginning 28 February.

Several countries have experienced particularly significant price spikes. Cambodia has recorded the highest petrol price increase at nearly 68 per cent. The price of 95-octane petrol in the country rose from US$1.11 per litre (approximately Rp18,648) on 23 February to US$1.32 per litre (approximately Rp22,176) on 11 March. Vietnam follows with an increase of around 50 per cent, followed by Nigeria at 35 per cent, Laos at 33 per cent, and Canada at approximately 28 per cent.

These price increases are estimated not yet to have reached their peak. Some countries typically update energy prices only at the end of the month, so higher price spikes are likely to become apparent only in April.

In the United States, petrol prices have also risen significantly since the Iran war began. According to data from AAA Fuel Prices, the average price of regular petrol, previously around US$2.94 per gallon (approximately Rp49,392) in February, has now increased to US$3.58 per gallon (approximately Rp60,144). This increase is equivalent to roughly 20 per cent.

In some states, petrol prices have already exceeded US$4 per gallon (approximately Rp67,200). California recorded the highest price, reaching US$5 per gallon or approximately Rp84,000, marking the highest level in more than two years.

The Asia-Pacific region has become the area most vulnerable to energy supply disruptions due to the Iran war. This is because many countries in the region are heavily dependent on oil supplies from the Middle East.