Global fuel prices surge as Trump’s Iran war rattles energy markets
Pakistan raises petrol prices sharply while UK drivers warned against panic buying as conflict fuels oil market turmoil
ISLAMABAD, Pakistan — The widening war triggered by United States and Israeli strikes on Iran is sending shockwaves through global energy markets, pushing governments to raise fuel prices and warning motorists worldwide of looming increases.
Pakistan on Friday announced a steep rise in fuel prices, increasing both petrol and diesel by $0.20 (about 20.7%) per litre as authorities blamed surging international oil prices driven by the escalating conflict in the Middle East.
Following the increase, petrol prices jumped to $1.15 per litre, while diesel climbed to $1.20, according to officials. The new rates took effect from midnight.
The announcement was made during a joint press briefing by Petroleum Minister Ali Pervaiz Malik, Deputy Prime Minister and Foreign Minister Ishaq Dar, and Finance Minister Muhammad Aurangzeb.
Dar said the unprecedented increase was directly linked to the intensifying war involving Iran, the United States and Israel, which has already begun destabilizing global petroleum markets.
“The conflict has now spilled across the wider region,” he said, adding that international oil prices had surged sharply as a result.
Officials said many petroleum products in global markets have witnessed price increases ranging between 50 and 70 percent since the outbreak of hostilities.
Pakistan’s government said it had delayed the increase for weeks while assessing the situation under the direction of Prime Minister Shehbaz Sharif, but eventually had little choice as international prices continued to rise.
Authorities have also ordered a nationwide crackdown on fuel hoarding after reports of petrol pumps attempting to create artificial shortages amid the crisis.
The price surge follows the outbreak of war after Washington and Tel Aviv launched coordinated strikes on Iran, a campaign that has already spread across several Middle Eastern countries and triggered retaliatory attacks on US-linked targets in the Gulf.
Analysts warn the confrontation — widely described as **Donald Trump’s war on Iran — could severely destabilize global energy supplies if it disrupts shipping through the strategically vital Strait of Hormuz, a route through which roughly one-fifth of the world’s oil supply normally passes.
Global oil benchmarks have already surged. Brent crude rose more than 6 percent to about $90.83 per barrel, while West Texas Intermediate climbed nearly 10 percent to $88.96.
The ripple effects are now being felt far beyond the Middle East.
In the United Kingdom, motorists have been warned not to engage in panic buying despite expectations that pump prices will soon rise as higher wholesale costs work their way through the supply chain.
The Automobile Association said wholesale fuel prices had already been rising even before the US-Israeli attacks on Iran, but advised drivers to continue their normal refueling patterns.
Industry groups stressed that the effect of rising crude prices on retail petrol usually takes several days or weeks to appear.
Experts from the RAC said a sudden surge at fuel pumps is unlikely immediately because the higher wholesale prices need time to filter through the distribution system.
However, the Petrol Retailers Association warned that pump prices will inevitably climb if the conflict continues to push global oil markets higher.
Energy economists say the war has introduced extreme volatility into international markets, with fears that attacks on shipping routes, oil infrastructure or regional pipelines could tighten supply further.
Several countries in Asia and Europe are also monitoring fuel markets closely as the crisis threatens to trigger broader inflation and economic disruption.
Analysts say the energy shock illustrates how military escalation in the Middle East — particularly a large-scale confrontation involving Iran — can rapidly ripple through the global economy, affecting everything from transport costs to food prices.
With fighting intensifying across multiple fronts, markets are bracing for further turbulence as the conflict continues to unfold.
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