Petrol prices have increased in at least 145 of the 170 countries and territories tracked by GlobalPetrolPrices since the United States and Israel launched their war on Iran six months ago. Myanmar recorded the largest increase, with 95-octane fuel rising 56% from $0.77 per litre on February 23 to $1.20 on August 17. Bhutan followed with a 55% increase, Cuba with 51%, the UAE with 50% and Nigeria with 48%. Prices were unchanged or fell by single digits in 25 other countries, most of them oil producers with heavily subsidised fuel. Brent crude rose above $110-$118 a barrel during the conflict before settling around $90-$95, contributing to higher retail petrol costs in Malaysia, Pakistan, the UAE, the UK and the United States. In the U.S., the national average for regular petrol rose 39%, from $2.94 to $4.09 a gallon, according to AAA Fuel Prices, reducing the distance a family sedan can travel on $50 of fuel by about 183 kilometres, or 25%. Higher oil prices also raise costs for fertiliser, shipping, transport and other stages of food production, with lower-income countries particularly exposed. Current market pricing implies a low probability of crude oil reaching a new all-time high by September 30, although the outlook is slightly higher by December 31. Observers will watch Middle East developments, as well as policy signals from OPEC, the IEA and Saudi Arabia’s energy ministry, for changes that could affect oil supply, prices and market expectations.