International gasoline prices have surged 74.7% since US and Israel attacks on Iran began on February 28, pushing Brent crude over $100 per barrel amid Strait of Hormuz risks. Colombia, after early-year dips, implemented a price hike on April 1, with experts warning of further adjustments amid global tensions.
The ongoing Middle East conflict, triggered by US and Israel attacks on Iranian territory on February 28, 2026, has roiled global energy markets. By April 24, Bloomberg's XB1 / Rbob Gasoline Futures index showed gasoline prices up 74.7%. Brent crude jumped from $60-$65 to over $100 per barrel, fueled by fears of disruptions in the Strait of Hormuz, which handles nearly 20% of world oil (over 20 million barrels daily).
José Alberto Arias Tabares, executive president of Imzacom, noted that 'the price of the oil barrel and, consequently, the prices of valuable products like gasoline and gas, had significant increases worldwide.' He highlighted pressures on Colombia, where the National Government adjusted prices upward on April 1—reversing early 2026 dips—as traffic concerns in the Strait mount.
Regional impacts vary: Myanmar +101.1%, Philippines +72.6%, Malaysia +68.1%, US +35.1%, Western Europe 10-25%, Malawi to $3.84/liter (+34%).
In Colombia, gasoline had fallen $505 (-3.01%) earlier in the year before the April 1 rise to a national average of $15,449 per gallon. Exchange rates and international factors, including the Fuel Price Stabilization Fund pressures, signal potential ongoing adjustments in this volatile 2026 market.
