Beirut: Heightened tensions in the region, fueled by U.S. President Donald Trump's threats of a possible strike on Iran and Iranian warnings of a wider regional war, are already impacting global oil markets, with direct repercussions for fuel prices in Lebanon.
According to National News Agency - Lebanon, Georges Brax, head of the Syndicate of Fuel Station Owners, stated that the U.S. military buildup in the Gulf and escalating rhetoric have alarmed international investors, pushing Brent crude prices above USD 70 per barrel, an increase of more than USD 6 in less than a week, even before any military action.
Brax warned that a war would remove around 3.3 million barrels per day of Iranian production from global markets, despite existing sanctions. He highlighted the greatest risk as being a potential closure of the Strait of Hormuz, the world's most critical energy corridor, through which more than 21 million barrels per day, over 21% of global oil consumption, passed in 2025.
He noted that Asia would be the most affected, with nearly 80% of oil transiting Hormuz heading to markets such as China, India, Japan, and South Korea.
As for Lebanon, Brax mentioned that local fuel prices would inevitably rise with any global oil increase, even without an actual war, due to market fears. However, he ruled out fuel shortages, noting that sufficient stocks are available and imports come mainly from the Mediterranean, far from the conflict zone.