Daily Brief: Ukraine Gasoline Surges 23.7%, Iran War Sparks Global Oil Shock

Ukraine gasoline prices surged 23.7% over the past week to $2.063 per liter, the largest mover among 113 tracked countries, as the Iran war continues to roil global fuel markets. According to CNBC, U.S. gasoline has hit $4 per gallon, the highest since 2022, with prices up more than 30% since the conflict began. The New York Times reports oil prices jumped after the Iran attack, pointing to broader economic risks.

In Argentina, gasoline rose 7.0% to $1.311 per liter, with a second grade up 2.5% to $1.256 per liter. Per Reuters, rising fuel prices are testing President Milei's free-market gamble, while the Buenos Aires Times notes the government plans to maintain petrol prices despite the shock. Meanwhile, Ukraine diesel bucked the trend, falling 1.9% to $1.987 per liter.

Looking ahead, Al Jazeera warns [news reports indicate] from the Iran war won't fade quickly, suggesting sustained upward pressure on fuel costs globally. Argentina's shale output hitting an all-time high, as reported by OilPrice.com, may offer some domestic buffer, but regional vulnerabilities remain elevated per BNamericas.