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Extreme surge? What will happen with fuel prices now that the US attacked Iran?
Global oil markets surged sharply after news that Israel and the United States had carried out strikes against Iran, triggering fears of wider disruption across one of the world’s most critical energy regions. How will fuel prices react to the conflict?
Crude oil prices surged almost instantly
Benchmark Brent crude prices jumped by roughly 10–13% within hours of the reports, one of the most dramatic single-day reactions in recent years. According to Bloomberg, prices briefly climbed above USD 78 per barrel before easing back and stabilising around the mid-70 range as markets reassessed the risks.
Analysts say the next moves by Tehran could prove more important than the strikes themselves. As noted by Barron’s, even limited threats to shipping in the Strait of Hormuz — a vital route for global oil flows — could push prices higher by raising tanker insurance costs and slowing deliveries, tightening supply without cutting production. This would also mean that fuel prices can reach new recent highs.
Could Iran’s next move exacerbate the situation?
Iran has never fully closed the strait, largely because doing so would also harm its own exports and key customers such as China, which buys the vast majority of Iranian crude. However, the country has previously detained or harassed vessels in the region, including the British-flagged tanker Stena Impero during tensions in 2019.
Even the USA attack to Iran and its repercussions will be blame of Zelensky as far as orban know 😀
Iran is responding by attacking civilians across the Middle East. Szijjarto its’ time for you to pledge your “mutual respect” for Iran once more.
Larry, you are a clown. Iran attacking civilians? What about USA and NATO? Have you ever read Wikileaks?????? Just read it and find out all the war crimes commited by USA, UK and NATO. You can go further back to Vietnam and the attrocities commited by USA not to mention Honduras and many other conflicts created by the evil USA with support of UK and NATO
Just say that right away, something Putin will immediately confirm: that it was the US that kept a murderer in power in Syria by waging a brutal war, and that it was also the US that attacked Georgia, Chechnya, and Ukraine.
Not to mention the suppression of the uprisings in East Germany, Czechoslovakia, and Hungary. And that the Soviet Union never waged war in Afghanistan.
You must be colorblind, since you can only see in black and white. You should get that checked out.
This is a difficult question to answer. In addition to the factors already described in the article, it also depends on:
how long the war lasts and what its scale will be;
are the oil exports of Iran or the Arab states affected; and
can, and will other countries be able to fill the supply gap if Iran and/or the Arab countries cease exports?
Iranian oil is currently exported primarily to China (as Venezuelan oil was previously); if this supply is disrupted, China will have to find another supplier. In that case, it is crucial that other countries increase their exports.
It must be said that even a partial disruption of Arab oil and gas supplies over an extended period—initially, sufficient national reserves will exist—would lead to a global catastrophe.
If the damaged pipeline cannot be repaired and the halt in Russian oil purchases continues, the consequences could be very dire for Hungary in an extreme scenario, worse than for other countries, as those countries would be served first due to existing contracts.
Trump is a true friend of the EU, selfless and only thinking of Oran’s advantage (Johnny Johnson: Satire)
Even though I hate the Iranian regime and think they are a source of terror in the region. But tbh, the USA and Israel they are way beyone terror. 😂😂😂
The are the terror itself. No where they go and bring calimed peace and democray !!😂😂😂
The Brent Crude oil price is currently at $77.59, with a daily high of $78.61 shortly after the market opened (midnight). At present, there is little movement, and it remains to be seen how things will develop.
To put this in perspective:
From February 23, 2026, to February 27, 2026, before the attack, the price fluctuated between $70 and $73. This roughly means that the oil price has risen by less than 10%.