58 resultsfor “Iran conflict effect on US fuel prices”
conflict continues. The Gulf is a major source of aviation fuel, accounting for about 50% of Europe's imports. The bulk of it comes through the Strait of Hormuz, which Iran has effectively closed
prices higher once again. Amid the escalation, Pakistani officials say they are trying for more talks between the US and Iran ahead of the April 22 ceasefire deadline. Meanwhile, ship tracking data displayed by MarineTraffic
fuel energy bills.  Ursula von der Leyen speaks about the conflict’s effect on energy prices. Photograph: Omar Havana/AP
price rises driven by Iran war as economic confidence plummets” and “UK prepared to deploy RAF Typhoons to keep Strait of Hormuz open after Iran war.” Earlier this month, The Independent reported that Prime Minister
effectively shut by Iran since the US and Israel launched military strikes in the country in late February. Tankers have been unable to pass through, drastically reducing the amount of oil and gas available
fuel bill had nearly doubled since the start of the conflict, adding as much as $500m (£367m) in costs per month, but it had passed this on to its customers through higher freight rates
Iran now in its seventh week, with a [fragile ceasefire](https://www.theguardian.com/world/2026/apr/08/middle-east-ceasefire-doubt-israel-lebanon-iran-oil-tankers) in place since earlier this month, Americans are continuing to feel the effects at the pump as [global fuel prices](https://www.theguardian.com
fuels. Even if the strait of Hormuz swiftly returns to normal operations, the burden of elevated oil and gas prices will reach about $600bn, according to recent International Monetary Fund figures analysed by the climate
conflict](https://www.bbc.co.uk/news/articles/cre1r4n5j5wo). Meanwhile, Spain's industry and tourism minister has advised people to buy flights sooner rather than later to avoid potentially costlier airfares due to the war. The price of jet fuel
fuel prices, and may be forced into concessions earlier than Tehran. Midterm elections are due in the US in November. Iran’s Islamic Revolutionary Guard Corps (IRGC), whose grip on decision-making in Tehran, experts
effect](/news/liveblog/2026/4/17/iran-war-live-ceasefire-starts-in-lebanon-as-trump-says-tehran-deal-close), paving the way for talks between Israeli and Lebanese officials on a longer-term deal, according to the US State Department. United States President Donald Trump has said an agreement
US-Israel war on Iran](https://www.theguardian.com/world/us-israel-war-on-iran). Inspired by the country’s [Cool Biz energy-saving initiative](https://www.theguardian.com/world/2005/jun/17/japan.justinmccurry), Tokyo officials hope the measure will cut dependence on air conditioning. Cool Biz, launched
US Vice President was ready to return to Pakistan for fresh negotiations to end a conflict that has sent crude soaring and revived inflation fears. **ATTA KENARE/AFP via Getty Images** ATTA KENARE/AFP via Getty Images
fuel prices. World leaders have welcomed the news with cautious optimism amid mixed messages from the US and Iran: ## United States “The Strait of Hormuz is completely open and ready for business and full passage
effect, Iran does not need to defeat the US Navy to change the economic calculus of war. “It only needs to make insurers, shippers, and energy traders understand that military pressure on Iran will carry
prices. He added Iran’s storage has not reached capacity and accused US officials, including Treasury Secretary Scott Bessent, of acting on “junk advice” over the policy. - **Can the blockade force a production halt
effectively blocked the waterway since the US and Israel attacked the country in late February, driving up global energy and fuel prices. On Friday, Iran's foreign minister said the route was now "completely open
US-Israel war with Iran shook the global economy. China's economy was already battling slower growth and unemployment when Donald Trump's tariffs hit last year. Still, it proved resilient, boosting exports and reporting
effectively closed and peace talks between the US and Iran failed. The IMF said: "Once again, the global economy is threatened with being thrown off course - this time by the outbreak
US-Israel war on Iran and the effective closure of the strait of Hormuz have doubled the price of jet fuel, prompting some carriers to cancel flights. The Airports Council of [Europe](https://www.theguardian.com/world/europe-news)