US hit with sharpest fuel price hike in G7 caused by US-Israeli war on Iran

The unprovoked American-Israeli war against Iran has pushed up fuel prices faster in the United States than in any other member state of the Group of Seven (G7).

According to JPMorgan, US petrol prices at the pump have jumped 42 percent since late February, when the US and the Israeli regime waged their unprovoked military assault against Iran.

The next highest fuel price increases among G7 countries were recorded in Canada and the UK, with 24 percent and 19 percent, respectively.

Meanwhile, Asian countries, such as Myanmar, Malaysia, and Pakistan, faced a faster increase in petrol prices, the Wall Street bank told clients, referencing data from Globalpetrolprices.com.

“The most immediate physical disruption has been felt in south-east Asia, given the region’s heavy reliance on flows through the Middle East,” said Natasha Kaneva, an analyst at JPMorgan.

“Somewhat counter-intuitively, the US has emerged as the second most affected region in price terms.”

Average petrol prices rose 9 cents on Friday to $4.39 a gallon, the highest since 2022 following the Russia-Ukraine war and up from $2.98 prewar, the motoring group AAA said.

Analysts said that, unlike the US, some governments have introduced subsidies or cut taxes to cushion the impact of soaring fuel prices on consumers.

“In the US, it’s the consumer bearing the cost, whereas in other countries the state is doing more to absorb the additional cost,” said Edward Hayden-Briffett, a research analyst at The Officials, a division of Onyx Capital Group.

Iran has restricted transit through the Strait of Hormuz, a strategic waterway responsible for a fifth of global oil demand, since the early days of the US-Israeli aggression on the country that began on February 28 and halted in a Pakistan-brokered ceasefire on April 8.‌

Authorities say, however, that coordinated passage through the strait is allowed for all ships except for those linked to the US and the Israeli regime and associated entities.

The war has led to energy shortages and surging prices worldwide. Rising US fuel prices and inflation have put pressure on President Donald Trump, whose approval rating fell this week to the lowest level of his current term at 34 percent, according to a Reuters/Ipsos poll.

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