# Fuel prices could rise sharply

> Oil prices may hit $150+ as Iran conflict disrupts supply chains
- Title: Fuel prices could rise sharply · The Conversation | Shortify
- Summary: Oil prices may hit $150+ as Iran conflict disrupts supply chains Global oil prices could spike to $150+ per barrel due to Strait of Hormuz disruptions and…
- Keywords: saudi arabia, iran, strait of hormuz, oil prices, diesel prices, us iran conflict, red sea, iranian conflict, oil market, strategic petroleum reserve, electric vehicles, china oil demand
- Source: The Conversation — https://theconversation.com/why-fuel-prices-may-go-higher-still-292853
- Author: Greg Pollock
- Read time: 1 min
- Topics: saudi arabia, iran, strait of hormuz, oil prices, diesel prices, us iran conflict, red sea, iranian conflict, oil market, strategic petroleum reserve, electric vehicles, china oil demand
## Oil prices surge
Oil prices jumped from $65 to over $100 a barrel since February 2026 conflicts began in Iran.

> When the U.S. and Israel first attacked Iran, analysts feared prices would soon reach $150 or even $200 a barrel.
## Saudi pipeline attack
Saudi Arabia's East-West pipeline was attacked, halting exports for six to eight weeks.

> Attacks on the pipeline in mid-September that Saudi Arabia blames on Iran-backed militias based in Iraq forced the Saudis to temporarily halt oil shipments through that pipeline.
## Russian diesel shortage
Ukraine drone attacks damaged Russian refineries, reducing diesel supply by 3% globally.

> Ukraine drone attacks have damaged refineries, reducing Russian production of diesel fuel and prompting the country to ban exports of it.
## U.S. diesel crisis
47 U.S. states hit record-high diesel prices at $6.52 per gallon in September 2026.

> In the U.S., 47 states experienced record-high diesel prices on Sept. 22, with the national average reaching $6.52 per gallon.
## Global fuel costs
Americans spent $117 billion more on fuel between March and September 2026 than the same period in 2025.

> Between March 1 and late September, Americans spent an additional $72 billion on gasoline compared to the same period a year ago, as well as $45 billion more on diesel.
## China's role
China reduced oil imports by 50% through electrification of its transport sector.

> China reduced its crude oil imports by nearly 50% between February and June 2026.
## China's oil demand
China's oil imports rose 6.2% in August 2026, signaling potential price spikes.

> China's oil demand is now starting to creep up again, with crude imports rising 6.2% in August 2026 as compared with the previous month.
## Strategic reserves
The U.S. Strategic Petroleum Reserve is at a 40-year low after releasing 130 million barrels.

> Since the war began, the United States alone has released 130 million barrels, leaving its reserves at a 40-year low.
## Global shortages
15% of French service stations ran out of diesel or gas in early September 2026.

> On Sept. 20, some 15% of French service stations had reportedly run out of either diesel or gas.
## Price spike risk
Oil prices could reach $150+ per barrel if supply disruptions continue.

> Sustained conflict in Iran, itself a major oil producer, continued disruptions of oil shipments in the Strait of Hormuz could mean the reemergence of the nightmare scenarios analysts envisioned when the fighting began.
## Key takeaway

Global oil prices could spike to $150+ per barrel due to Strait of Hormuz disruptions and reduced supply