On March 3, Brent oil increased nearly 8% to over 83 dollars a barrel. This is the highest since July 2024. Since 27/2, the price of crude oil has increased over 15%.
European gas prices also increased 40% on March 3, after adding the same level of previous session. This is the highest level of three years.
In the United States, the price per gallon of gasoline goes up over $3 (0.00.8 per liter) for the first time since November/2025. This took place just a few weeks after the U.S. President Donald Trump emphasized the record of putting the price to $2.
- Tunis bought gas at a gas station in Plains, Pennsylvania (American). Image: Reuters*
Gas prices are always a sensitive issue in the United States, and high fuel prices will be a huge risk to Mr Trump and Republican before the November-term election, in the context of many Americans who have been struggling because of the cost of living up to their time. Even so, Foreign Minister Marco Rubio said that on March 3, Financial Minister Scott Besent and Energy Minister Chris Wright planned to publish plans to reduce the impact of prices on the people.
Global fuel prices speed up when clashes in the Middle East cause traffic through the Hormuz Channel for four days' delay. This is the blood flow gland of global gas oil.
If extended, warfare was more likely to trigger new inflation, which could deflect the economic recovery momentum in Europe and Asia. The Middle East currently contributes about 30% of global oil production and nearly 20% of gas supply.
There are many oil production facilities at stake. A barrel containing fuel at Oman's Duqm Harbor was attacked. The fire also broke out at Fujairah (AUE) - one of the major oil centers in the area. A day earlier, the Qatar Gas Giant Energy said he would stop producing naturalized gas-related products (LNG).
At the Kurdian autonomous district in Iraq, companies such as the DNO, Gulf Tribune Petroleum, Dana Gas and HKN Energy stopped mining at the oil fields. Israel closes the huge gas mine Leviathan. Saudi Arabia also shut down the largest refinery plant in the country.
Hundreds of LNG tankers and gas carriers are trapped at Hormuz Channel, unable to reach customers in Asia, Europe, and other areas. The situation means that countries such as Saudi Arabia, UAE, Iraq, Kuwait and Iran may have to reduce production within the next few days, if not find new ships to transport oil.
The Global Sea Transport also reached a record high when the conflict escalated and Tehran targeted ships across the Channel. Colombo Transported with Super Oil (VLCC) - The type of ship that can carry 2 million barrels of oil from the Middle East to China - made a record of $423.736 by the day of two-thirds, according to the LSEG data firm. This level increased 94% over the 27/2.
Local Thu * (in CNBC, Reuters (2011)
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