Gasoline prices in Europe and Asia have surged by 40% in recent months, driven by US and Israeli operations against Iran.
According to Julie Kozak, Communications Director of the International Monetary Fund (IMF), changes in oil prices have a ripple effect on the petroleum product market. As a result, aviation fuel prices rose by 35% and gasoline by 40%.
Tensions around Iran have effectively blocked the Strait of Hormuz, a key route for oil and LNG exports from the Persian Gulf. This has negatively impacted oil exports and production levels.
Many countries worldwide are experiencing rising fuel and industrial product prices.
