Global energy prices have risen sharply following the outbreak of war involving Iran, with Brent crude oil climbing from 73 to nearly 117 dollars per barrel. The wholesale price surge has pushed up retail fuel costs worldwide, affecting both developed and developing economies.

In the United States, average petrol prices have increased by more than one dollar to exceed four dollars per gallon, marking the highest level in four years. The United Kingdom has seen petrol prices rise by 14 percent and diesel by 27 percent. South Asian nations such as Sri Lanka and Bangladesh have introduced fuel rationing systems, while Slovenia became the first European Union country to adopt similar measures last week.

Australia has halved its fuel tax for three months to ease the burden on consumers and introduced temporary free public transport in two states to reduce car usage.