Middle East conflict drives up global fuel prices amid rising living costs

Supply disruptions in Middle Eastern oil due to the Iran conflict have led to rising international fuel prices, increasing household and corporate cost burdens globally. Some countries have seen protests over rising fuel costs. CryptoBriefing reported that supply issues caused by the Iran conflict are driving up fuel expenses and placing strain on global economies and living conditions. Axios noted that the war in Iran has raised fuel prices worldwide and triggered protests. The International Energy Agency (IEA) analyzed that oil flows through the Strait of Hormuz averaged 7.6 million barrels per day in August, down by 13.1 million barrels per day compared to pre-conflict levels. The IEA also reported that global oil demand is projected to fall by 530,000 barrels per day quarter-on-quarter in Q2 2026, marking the first quarterly decline since the pandemic.