US-Israel War Against Iran Claims Victims, Fuel Prices Surge in 95 Countries

Global fuel prices have surged dramatically following the outbreak of conflict between the United States and Israel versus Iran since 28 February 2026. At least 95 countries have reported increases in petrol prices, triggering widespread pressure on the global economy.

Data from Global Petrol Prices, cited on Thursday (19/3/2026), shows the price spikes occurring across various regions. Several countries have recorded significant rises in just weeks since the conflict began.

In the US, the average petrol price rose from US$2.94 per gallon in February to US$3.58 per gallon. With an exchange rate of around Rp16,300 per US dollar, this equates to Rp47,922 to Rp58,354 per gallon, a jump of about 20%.

Sharper increases have occurred in several developing countries and neighbours of Indonesia. Cambodia recorded the highest surge of around 68%, from US$1.11 (Rp18,093) per litre to US$1.32 (Rp21,516), while Vietnam followed with about 50%, Nigeria 35%, Laos 33%, and Canada 28%.

This price surge is inseparable from disruptions to global energy distribution routes, particularly in the Strait of Hormuz, a vital oil shipping lane now affected by the conflict. The Asian region is one of the hardest hit due to high dependence on energy imports from the Middle East.

Japan and South Korea are among the most vulnerable countries, importing around 95% and 70% of their oil needs from the Gulf region, respectively. Both nations have taken emergency steps, including preparing strategic reserves and setting fuel price caps.

In South Asia, the impact is even heavier. Bangladesh has closed all universities to save energy, while Pakistan has implemented a four-day workweek and work-from-home policies for up to 50% of staff to curb fuel consumption.

The oil price rise also directly affects global food prices. Energy costs influence the entire supply chain, from fertiliser production to food distribution.

Economist David McWilliams views the transportation sector as a key factor in the energy price surge and its global economic impact. According to him, the movement of goods and logistics distribution heavily relies on energy, so every oil price increase directly spreads to various sectors.

“The breath of life for the global economy is transportation. It’s about moving goods from A to B. It’s a logistics and supply chain issue, and ultimately transportation is the energy of the global economy,” he told Al Jazeera.

This energy price surge is also sparking concerns over stagflation, a combination of high inflation and slowing economic growth. History shows that major oil crises like those in 1973, 1978, and 2008 were often followed by global economic slowdowns.

Besides as fuel, oil and gas also serve as raw materials for various everyday products, from plastics and synthetic textiles to cosmetics and household goods. Natural gas also plays a crucial role in fertiliser production that supports global food security.

With mounting pressure, many countries are now preparing for further impacts, including potential continued price surges in April as energy prices adjust in various global markets.