As of 5 March 2026, global oil and fuel prices are trending upwards, driven by geopolitical tensions and supply disruptions in the Middle East. Here is an overview.
The ongoing conflict has affected fuel prices through oil supply disruptions in the Middle East, particularly around the Strait of Hormuz.
As gasoline and diesel prices follow global crude prices, pump prices have been impacted.
We first look at the impact of diesel prices at the pump, before turning to wholesale energy dynamics, including Brent and LNG trends.
Prices at the pumps
Fuel prices have risen globally since the start of the conflict. Asia and Europe faced the first pump-price pressure, while the US is more insulated thanks to domestic oil production. Even if Europe does not buy much oil directly from Iran, it still pays the global market price as global energy markets are under stress.
The trend at European pumps since 27 February 2026 has been upwards, with the strongest increase observed in Ireland (3%, reaching EUR 1.98 per litre). However, diesel prices at the pump remain volatile in some countries, notably Germany.
Pump prices rise by EUR 5–15 cents/litre as refineries pass on costs. (....)