Global oil markets have witnessed a sharp spike as crude prices climbed to $114.70 per barrel, driven by escalating tensions involving the United States, Israel, and Iran, along with disruptions in the Strait of Hormuz.
Brent crude has risen more than 57 percent since late February, reflecting growing concerns over supply constraints and prolonged instability in key energy corridors.
Fuel Prices Rise Across the World
The surge in oil prices has triggered widespread increases in petrol and diesel costs across multiple regions, including Asia, Europe, Africa, and the Americas.
Countries such as Pakistan, the Philippines, the United States, Australia, Canada, Germany, France, China, Japan, South Korea, Brazil, and the United Kingdom have all reported price hikes. Additional increases have been observed in nations including Spain, Poland, Egypt, Finland, and Austria.
The scale of these increases varies significantly, ranging from less than five percent in some markets to more than 80 percent in others. The Philippines has recorded the sharpest rise, with fuel prices increasing by over 80 percent.
In Europe, fuel prices have risen by an average of approximately 12 percent between late February and mid-March, highlighting the widespread impact of the energy shock.
Strait of Hormuz Disruption Intensifies Pressure
The closure of the Strait of Hormuz, a critical global oil transit route, has amplified supply concerns and accelerated price movements.
Given that a significant portion of the world’s oil passes through this corridor, any disruption has immediate consequences for global energy markets, pushing governments to adjust domestic fuel prices accordingly.
UAE Petrol Prices Set for Revision
The United Arab Emirates, which deregulated fuel prices in 2015 to align with global benchmarks, is expected to adjust its petrol and diesel rates in response to rising oil prices.
Fuel prices for April 2026 will be officially announced on March 31, following the country’s standard monthly revision cycle.
Given the sharp increase in global crude prices, an upward revision in UAE fuel rates appears likely, although final figures will depend on official calculations.
Previous Price Trends Indicate Direction
In March 2026, UAE fuel prices had already increased in line with global trends.
Super 98 rose to Dh2.59 per liter from Dh2.45, while Special 95 increased to Dh2.48 from Dh2.33. E-Plus 91 reached Dh2.40 per liter, up from Dh2.26. Diesel prices also climbed by Dh0.20 to Dh2.72 per liter.
These adjustments reflect the direct linkage between global oil movements and domestic fuel pricing in the UAE.
What Lies Ahead for Fuel Prices
The current energy shock is reshaping fuel costs worldwide, with volatility expected to persist as geopolitical tensions continue.
For the UAE, the upcoming price announcement will serve as a near-term indicator of how global disruptions are translating into local fuel costs, reinforcing the country’s exposure to international energy market dynamics.
Source: KT
