$330 Billion Extra: Global Oil Price Shock Hits Top Importers

An analysis by the Centre for Research on Energy and Clean Air found that fossil fuel importers paid an extra $330 billion for seaborne crude oil, oil products, and LNG in the six months following the US-Israel strikes against Iran in February 2026.

The study revealed the 'largest sustained oil price shock' since the 1990 Gulf War, with prices averaging 75% above pre-war expectations in Asia, 60% in Europe, 59% for diesel, and 35% for crude oil.

India was among the countries that suffered the most from this price shock, paying an extra $22 billion compared to what pre-war futures markets had expected. This translates to a net additional cost of $14.4 billion across all fuels, or approximately 0.38% of India's GDP.