Global Fuel Price Surge Linked to Hürmüz Tensions

• •U.S. consumers face a $160 billion increase in fuel costs due to Hürmüz tensions.
• •Average additional cost per U.S. consumer is $471, significantly above the global average.
• •Inflationary pressures from rising fuel prices are expected to last until 2027.

Recent analysis by CREA highlights the significant impact of the ongoing conflict in Iran on global fuel prices. Since late February 2026, following U.S. and Israeli attacks on Iran, global fuel costs have surged, resulting in an additional $468 billion burden on consumers worldwide. The U.S. has been the most affected, incurring an extra $160 billion, which accounts for one-third of the global costs. In the U.S., the average consumer faces an additional $471 in fuel expenses, significantly higher than the global average of $60. The rising costs have been attributed to increased gasoline and diesel prices, with typical gasoline users spending an average of $440 more since March. The situation is exacerbated by logistical disruptions and geopolitical tensions in the Middle East, particularly around the Hürmüz Strait, affecting supply chains and production costs. As a result, inflationary pressures are expected to persist into 2027, affecting food and energy prices globally.