Fuel Price Hikes Spark Global Protests Amid Middle East Conflict

A surge in oil prices due to conflicts in the Middle East and global trade disruptions has led to widespread protests across the world. The price of fuel has risen significantly, with a 30% increase on average in Spain since June, according to data from the European Union.

In addition to the economic strain, food prices have also been affected due to the lack of fertilizers and the ongoing war between Russia and Ukraine, two major grain-producing countries. This has sparked protests in several countries, including Guatemala, Chile, Portugal, Indonesia, Bangladesh, and the Philippines.

Transport workers and indigenous activists in Guatemala marched through the streets demanding measures beyond temporary fixes like price caps and subsidies. In Bangladesh, the shortage of liquefied natural gas led to rationing and the temporary closure of garment factories, which are a major driver of the country's economy.

The Spanish government is preparing to extend measures to mitigate the impact on family economies and businesses due to rising living costs. France has extended fuel subsidies until the end of the year, while Germany announced a 17 euro cents per liter fuel discount, which will cost Berlin coffers about 2.5 billion euros.

French President Emmanuel Macron plans to convene the G-7 to propose a new release of strategic reserves to pour more crude oil into the market and lower its price.