Even though oil prices have recently steadied, consumers—especially in the United States—are still feeling the impact at the pump.
Petrol prices have surged by about 30% since the start of the conflict involving Iran, with average costs reaching around $4. Diesel prices have risen even more sharply—up 40% to about $5 per gallon—raising concerns about broader economic effects.
Diesel is especially important because it powers trucks and trains that transport goods. As a result, higher fuel costs are likely to increase prices across many sectors, from food to everyday products.
A key factor behind the situation is disruption in the Strait of Hormuz, a critical route through which about 20% of the world’s oil supply normally passes. Ongoing tensions and restrictions there are affecting global supply chains.
While President Donald Trump has suggested he is open to ending the conflict, uncertainty remains. Analysts warn that further escalation—such as a ground operation or retaliation—could push oil prices to extreme levels, possibly nearing the highs seen in 2008.
In short, even if oil prices stabilize temporarily, the ripple effects of global conflict continue to drive up costs for consumers worldwide.
Source: Africa News
