As of Friday, March 6, 2026, the global energy market is in a state of high alarm. Operation Epic Fury and the subsequent blockade of the Strait of Hormuz have triggered sharp price spikes across all major regions, as approximately 20% of the world's oil and LNG supply remains trapped in the Persian Gulf.
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North America
- United States: Average gasoline prices jumped seven cents today to reach $3.32 per gallon, marking an 11% increase in just one week.
- Regional Variance: California remains the most expensive at $4.66, while Oklahoma is the cheapest at $2.48.
- Strategic Pressure: Despite the U.S. being a leading oil producer, prices are surging due to the "war premium" and the transition to more expensive spring-blend fuel.
- Canada: Prices for Western Canadian Select have hit multi-year highs as refiners scramble for non-Middle Eastern heavy crude.
Europe
- Average Prices: As of March 2, the average price for Euro 95 petrol across the EU was €1.574 per litre, with diesel at €1.572.
- Highest Costs: The Netherlands leads the region with petrol at €2.07 per litre, followed by Denmark at €2.03.
- Energy Shock: Natural gas prices saw a massive 39% jump earlier this week following news of Qatari LNG production halts. Stockholm currently has the highest residential gas prices in the EU.
- United Kingdom: Petrol has risen to an average of 152p per litre, with analysts warning that a sustained conflict could add 1% to overall national inflation.
Asia & Oceania
- India: As one of the most dependent nations on Middle Eastern energy, India has begun rationing gas supplies to industries after Qatar shut down production.
- China: Major refiners have started shutting down units or moving up maintenance schedules due to the sudden shortfall in crude supply.
- South East Asia: In the Philippines, experts warn that diesel could hit ₱80 per litre and gasoline ₱64 per litre by next week if the surge continues.
- East Asian Chokepoint: Roughly 78% of Middle Eastern crude destined for China, Japan, and South Korea flows through the now-blocked Strait of Hormuz.
Middle East
- Supply Halts: Qatar has shut down some of the world's largest LNG facilities, while Saudi Arabia suspended operations at the Ras Tanura refinery following drone threats.
- Regional Warning: The Qatari Energy Minister warned that if the conflict continues, all Gulf energy exports could halt within weeks, potentially driving oil to $150 per barrel.
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