Prices

Gold and silver prices plunge: Why has safe-haven demand faded amid Iran war?

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It is an old market saying, but it has never felt more apt: when people are worried about the future, they buy gold — when they are worried about the present, they sell it.


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While the Iran war has raised longer-term concerns over energy security and global stability, the immediate fallout, in the form of surging oil prices and renewed inflation fears, has forced investors to prioritise liquidity and higher-yielding assets over metals.

Gold hit an all-time high of $5,602 (€4,873) at the end of January and looked to be heading higher still in early March, but has since dropped nearly 25% to a low of $4,100 (€3,567), trading around $4,500 (€3,915) at the time of writing.

The decline marks a dramatic pullback from gold’s extraordinary performance last year.

In 2025, the metal delivered one of its best annual gains in decades, rising more than 60% to record levels as central banks accumulated reserves and investors sought protection amid economic uncertainty.

The drop in 2026 has triggered a swift unwinding of leveraged positions in futures and exchange-traded funds which were riding last year’s tremendous rise.

This sharp reversal defies the traditional role of the metal as a refuge during geopolitical turmoil, with a stronger US dollar and rising bond yields proving far more influential.

Macroeconomic forces override safe-haven appeal

Rising US Treasury yields and a firmer US dollar have been the dominant headwinds for precious metals.

Higher oil prices stemming from the Iran war have lifted inflation expectations, prompting markets to price in fewer Federal Reserve rate cuts or even the possibility of tighter policy for longer, including potential hikes that were previously unexpected.

This has increased the opportunity cost of holding non-yielding gold, while the US dollar’s strength has made it more expensive for international buyers.

The result has been a classic “flight to liquidity” rather than the expected flight to quality risk assets, as leveraged traders facing margin calls accelerated the sell-off.

The correction for metals has been one of the sharpest in recent memory.

Silver shares in gold’s downturn

Silver, which often amplifies gold’s moves, followed with an even bigger drop.

The white metal reached an all time high of $121 just one day after gold, on 29 January, but it has since dropped roughly 50% to as low as $61.

At the time of writing, it is trading at around $70.

Silver enjoyed an even more spectacular rally than gold in 2025, surging roughly 145% thanks to robust industrial demand from solar panels, electronics and electric vehicles, combined with investment buying.

In 2026, however, it has also declined sharply amid the same pressures of US dollar strength and higher yields, although its industrial fundamentals continue to offer longer-term support.

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European markets set for lower open as oil prices continue to soar

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European markets are set to open lower on Monday, with futures pointing to declines across major indices as investor sentiment remains cautious amid rising oil prices and geopolitical tensions in the Middle East.


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As of early morning trading, Germany’s DAX was down around 0.5%, the FTSE 100 fell roughly 0.3%, and France’s CAC 40 was also in negative territory, according to IG data.

The weaker outlook follows losses in Asia, where shares mostly dipped overnight as concerns persisted around soaring oil prices and the potential for further escalation in the US war with Iran.

The declines follow steep losses on Wall Street on Friday, marking a fifth consecutive losing week — the longest such streak in nearly four years.

“US equity markets remained under sustained pressure, with the S&P 500 falling 2.1% for the week and the Nasdaq 100 sliding 3.2%. The Dow Jones held up comparatively better, declining 0.9%, owing to its lower technology weighting. Both the Nasdaq 100 and the Dow Jones have now officially entered correction territory after recording drawdowns of more than 10% below their respective peaks,” IG market analyst Fabien Yip said in a commentary note.

Asia-Pacific markets lower overnight

Japan’s benchmark Nikkei 225 fell 4.5% in early trading, Australia’s S&P/ASX 200 dropped 1.2%, and South Korea’s Kospi slid 3.2%. Hong Kong’s Hang Seng declined 1.7%, while the Shanghai Composite edged 0.7% lower.

Investor worries have been particularly acute due to the risk of disrupted access to the Strait of Hormuz, a critical route for global oil shipments.

Benchmark Brent crude rose above $116 a barrel in early trading, marking an increase of more than 50% since the Iran conflict began on 28 February. Prices were just over $70 a barrel when the war started. US benchmark crude was also up, at around $101 a barrel, reflecting continued volatility in global energy markets.

The surge comes as US President Donald Trump raised the possibility of American forces seizing Iran’s Kharg Island, the country’s main oil terminal in the Persian Gulf. He made the comment in an interview published early Monday by the Financial Times.

“Maybe we take Kharg Island, maybe we don’t. We have a lot of options,” Trump told the newspaper. “It would also mean we had to be there (on Kharg Island) for a while.”

Asked about Iranian defences there, he said: “I don’t think they have any defence. We could take it very easily.”

The US has already launched airstrikes it said targeted military positions on the island. Iran has threatened to launch its own ground invasion of Gulf Arab countries and new attacks if US troops land on its territory.

Meanwhile, G7 finance ministers, energy ministers and central bank governors are set to hold an emergency meeting today to discuss the conflict and its consequences. It will mark the fourth time since the start of the war in Iran the G7 has convened at a ministerial level.

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The holiday resorts loved in the 90s that are making a comeback in 2026 & offering VERY low prices

IF you’re wondering where the next big holiday trend is coming from, I can save you some time.

It’s not a brand new destination, and it’s not somewhere “undiscovered”.

The 1990s were a peak for all-over tans at any costCredit: Getty Images
But the same resorts are now great for family breaks with school summer holidays dates from £58pp a nightCredit: Getty

It’s the places your parents went in the 90s.

I spend most of my time looking at holiday booking data, and this one trend keeps jumping out.

A whole wave of classic British package holiday resorts are making a serious comeback in 2026.

And the reason is simple: they’re still ridiculously good value.

From Europe to Africa, here are my top 10 cheap holiday spots that are booming again… and the deals you can get right now.

10. Skanes, Tunisia

Skanes is a proper throwback to 90s package holidays – big beachfront hotels, short transfers, and everything centred around the resort.

And now, it’s having one of the biggest comebacks I’ve seen in the data, with bookings to Tunisia up massively again heading into 2026.

I found a really strong all-inclusive deal here – 7 nights at the 4* Hotel Liberty Resort, flying from London Southend (16–23 Aug 2026), from £535pp for a family of four. That’s roughly £76pp per night, and crucially, it’s all-inclusive.

What makes this one work is how family-friendly it is – big pool areas, loads going on for kids, and everything included, so you’re not constantly spending.

And the reason it’s this cheap is simple. Tunisia is still rebuilding demand, so hotels are pricing low to win Brits back. Which means right now, you’re getting proper beachfront value for a fraction of what you’d pay elsewhere.

Our holiday expert found an all-inclusive deal in Skanes, Tunisia from just £76pp per nightCredit: Getty

9. Calpe, Costa Blanca, Spain

Calpe was huge with British tourists in the 80s and early 90s – classic Spanish seaside, big beaches and that iconic rock backdrop.

Now it’s trending again in 2026, as people look for more relaxed, less chaotic alternatives to bigger resorts.

I found a great-value summer deal – 7 nights at the 4* AR Diamante Beach, flying from Bournemouth (3–10 Aug 2026), from £588pp for a family of four. That’s about £84pp per night, on a bed & breakfast basis.

This hotel stands out because it feels a bit more premium than your typical Costa Blanca stay – big modern rooms, great pool area, and close to the beach without being chaotic.

It’s cheaper because it’s not trying to be flashy or all-inclusive heavy. And for families, that works – because you can eat out cheaply and control your spending instead.

The coastal town of Calpe is situated in Costa Blanca, and is famous for the Peñón de Ifach rockCredit: Getty

8. Hurghada, Egypt

Hurghada was unbelievably popular in the 2000s all-inclusive boom, thanks to massive resorts, guaranteed heat and loads included in the price.

And now it’s properly back again, with bookings climbing fast into 2026.

This one’s properly eye-opening – 7 nights at the 4* Royal Lagoons Aqua Park Resort & Spa, flying from Belfast (22–29 Aug 2026), from £668pp for a family of four. That’s around £95pp per night, and it’s all-inclusive.

What makes it great for families is the waterpark setup with slides, multiple pools and enough going on to keep kids busy all week without leaving the hotel.

This is why Egypt is flying with Brits right now, despite its proximity to the Iran conflict. Because once you arrive, everything’s covered.

Flights are longer, which keeps demand slightly lower, but for families, that means ridiculous value for what you get.

You can stay a week at the 4* Royal Lagoons Aqua Park Resort & Spa from £95pp per nightCredit: Alamy

7. Hammamet, Tunisia

Hammamet was one of the classic British beach holidays of the 90s – long sandy beaches, big hotels and loads of all-inclusive resorts.

Just like Skanes, it’s seeing a massive resurgence heading into 2026.

I spotted this while digging through peak summer prices – 7 nights at the 4* Houda Yasmine Hammamet, flying from London Southend (23–30 Aug 2026), from £553pp for a family of four. That’s about £79pp per night, and it’s all-inclusive.

It’s a proper classic family hotel with a massive pool, entertainment, and everything geared around easy, no-stress holidays.

Again, the price comes down to perception catching up with reality.

The hotels are good, the weather’s great – but demand hasn’t fully returned yet. So you’re benefiting from that gap.

Hammamet in Tunisia offers some of the most affordable 4 and 5* stays on the marketCredit: Getty

6. Salou, Costa Dorada, Spain

Salou was massive with British families in the 90s and early 2000s with beaches, family hotels and PortAventura right next door.

And now it’s flying back again in 2026 as families rediscover how easy it is.

I couldn’t ignore this deal – 7 nights at the 4* 4R Playa Park, flying from Birmingham (21–28 Aug 2026), from £408pp for a family of four. That’s just £58pp per night, on a bed & breakfast basis.

This is exactly what Salou does well: simple, well-located hotels with good pools and easy access to everything – and at a really great price too.

And it’s such great value because you’re not paying for extras upfront.

But in Salou, that’s ideal – everything locally is affordable, so you can build your own budget holiday.

Salou in Spain is a great-value resort with lively nightlife and the PortAventura theme parkCredit: Getty

5. Torremolinos, Costa del Sol, Spain

Torremolinos is where the British package holiday basically started back in the 60s and 70s.

And in 2026, it’s trending hard again thanks to how easy and reliable it is.

I found a really solid summer option here – 7 nights at the 4* Hotel Apartamentos Bajondillo, flying from Bournemouth (22–29 Aug 2026), from £518pp for a family of four. That’s about £74pp per night, on a self-catering basis.

What makes this one great is the location, as it sits right on the beachfront, with loads nearby, and perfect if you want flexibility with food and spending.

It’s not the cheapest on the list, but you’re paying for convenience – short transfer, loads to do, and no surprises.

Torremolinos in Malaga is a reliable holiday resort with package holidays from £74pp per nightCredit: Getty

4. Benidorm, Costa Blanca, Spain

Benidorm was the capital of British holidays in the 80s and 90s, and now a whole new generation is discovering it.

Bookings are up again in 2026, especially with younger families and couples.

I found this cracking value deal – 7 nights at the 3* Terralta Apartments, flying from Dublin (23–30 Aug 2026), from £403pp for a family of four. That’s roughly £58pp per night, on a self-catering basis.

It’s ideal for families too, as it’s home to spacious apartments, a big pool, and a quieter location just outside the main strip.

And this one’s cheap simply because Benidorm is built for volume: loads of apartments, loads of competition – which keeps prices low.

Best part is, once you’re there, everything else is cheap too.

Benidorm remains an affordable holiday destination for Brits, with deals from £58pp per nightCredit: Getty

3. Sousse, Tunisia

Sousse has always been one of Tunisia’s most popular beach resorts – big hotels, great beaches and loads of all-inclusive options.

And just like the rest of Tunisia, it’s seeing a huge comeback into 2026.

One of the best-value all-inclusive deals I found – 7 nights at the 4* El Ksar Resort & Thalasso, flying from London Southend (16–23 Aug 2026), from £583pp for a family of four. That’s about £83pp per night, and it’s all-inclusive.

This is exactly what families want – beachfront setting, slides, big pool areas and everything included from day one.

This is where the value really shows.

Because when everything’s included, you’re not constantly spending – which makes it one of the easiest holidays to budget for.

Tunisia’s Sousse is home to a UNESCO World Heritage medina and your pick of beachesCredit: Getty
Some of the most popular beaches in Sousse, Tunisia are Bou Jaafar and Samara BeachCredit: Alamy

2. El Arenal, Majorca, Spain

El Arenal was massive in the charter flight era – big beach, loads of hotels and right next to Palma.

And now Majorca, and El Arenal in particular, is firmly back on the rise again in 2026.

I found a peak summer Majorca deal that really stood out – 7 nights at the 3* BLUESEA Costa Verde, flying from Bournemouth (19–26 Aug 2026), from £580pp for a family of four. That’s about £83pp per night, and it’s all-inclusive.

What makes this one work is simplicity – good pool, food included, and a no-frills base in a super easy destination.

It’s slightly pricier because Majorca never really goes out of demand.

But you’re paying for ease – short flight, reliable weather and a destination that just works.

1. Sharm El Sheikh, Egypt

Sharm El Sheikh was one of the BIGGEST British holiday hotspots of the 2000s.

And now it’s making the biggest comeback of all destinations worldwide heading into 2026.

And this is where the value really hits home – 7 nights at the 4* Xperience Saint George Homestay, flying from London Luton (5–12 Aug 2026), from £650pp for a family of four. That’s around £93pp per night, and it’s all-inclusive, in great hotel, with guaranteed heat.

This hotel is built for proper relaxation with multiple pools, loads of food options and everything set up so you barely need to leave. Just turn up, pay for nothing, and leave rested, relaxed and tanned.

And the reason it’s such good value, even in the summer holidays, is simple.

Flights have only relatively recently come back at scale, so demand is still catching up. But the hotels are still world-class.

Which means right now, you’re getting proper 4* all-inclusive… for less than most self-catering holidays in Europe.

Al Sahaba Mosque is a spectacular landmark to visit in Sharm El SheikhCredit: Getty
You can stay in Sharm’s Xperience St.George Homestay from just £93pp per nightCredit: EasyJet

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S. Korea raises fuel price caps; pump prices seen above $1.50 a liter

A price board at a gas station displays regular gasoline at 1,796 won per liter (around US$1.20) in Incheon, South Korea, 13 March 2026. The government implemented a temporary fuel price cap system the same day to ease cost burdens amid supply concerns linked to the Middle East crisis. File. Photo by YONHAP / EPA

March 26 (Asia Today) — South Korea will raise its second round of fuel price caps starting at midnight Friday, pushing expected retail gasoline prices above 2,000 won per liter (about $1.50).

The government set the new ceiling for gasoline at 1,934 won ($1.45) per liter, up 210 won from the first round. Diesel will be capped at 1,923 won ($1.44) and kerosene at 1,530 won ($1.15).

Because refiners’ wholesale supply prices have already moved into the 1,900-won range, officials expect retail prices at gas stations to settle in the low 2,000-won range, or roughly $1.50 to $1.60 per liter.

The first round of price caps, introduced March 13, focused on shielding consumers from a surge in global oil prices. The second round reflects a shift in policy, allowing some price increases while trying to prevent excessive costs from being passed on to households as the crisis drags on.

The Ministry of Trade, Industry and Energy said the revised caps incorporate international oil price movements while factoring in inflation and household impact.

Yang Ki-wook, a senior official at the ministry, said the government did not apply global prices mechanically.

“We considered the broader impact on people’s livelihoods,” Yang said.

Based on the first round, when the nationwide average gasoline price reached about 1,810 won ($1.36), officials believe prices will now move into the low 2,000-won range.

The ministry said it may take two to three days for the new caps to be reflected at gas stations, as most retailers still hold inventory purchased under earlier pricing.

Stations that raise prices immediately could face scrutiny, Yang said, noting most hold five days to two weeks of supply.

The government estimates the price cap system lowers fuel costs by about 200 to 500 won per liter compared with a scenario without intervention.

Officials also rejected concerns that the policy conflicts with demand-control measures such as vehicle rotation systems. They said the second phase is intended to balance two goals: encouraging reduced consumption while preventing excessive price spikes.

Separately, the government extended fuel tax cuts through the end of May and increased the reduction rates. The gasoline tax cut was raised from 7% to 15%, and diesel from 10% to 25%.

Under the revised rates, fuel taxes now stand at 698 won ($0.52) per liter for gasoline and 436 won ($0.33) for diesel, down 65 won and 87 won, respectively.

Officials said the tax cuts were factored into the new price caps, resulting in effective reductions of about 200 won for gasoline and about 500 won for diesel and kerosene compared with market-based pricing.

The second round of price caps will remain in effect for about two weeks, through April 9.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260326010008302

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Oil prices could hit $120 as war risks escalate, analyst warns | Newsfeed

Oil prices are expected to remain high because of uncertainty over the war on Iran, according to analyst Muyu Xu.She warns prices could reach as high as $120 if tensions escalate and disrupt key supply routes, with countries holding limited reserves likely to feel the impact the most.

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Oil prices rise higher as Iran denies US talks, dimming deescalation hopes | US-Israel war on Iran News

Brent crude tops $104 a barrel as hopes fade for deescalation in US-Israel war on Iran.

Oil prices have climbed higher amid fading hopes of deescalation in the Iran war following Tehran’s denial that talks with the United States are under way.

Futures for Brent crude, the international benchmark, rose nearly 2 percent on Thursday to top $104 per barrel after Tehran dismissed reports of direct negotiations with US President Donald Trump’s administration.

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The rise comes after oil prices eased on Wednesday following reports that Trump had shared a 15-point plan for ending the war with Iran.

Asian stock markets opened lower on Thursday, with Japan’s Nikkei 225, South Korea’s KOSPI and Hong Kong’s Hang Seng Index all seeing losses.

Iranian Foreign Minister Abbas Araghchi said in an interview with state media aired on Wednesday that Tehran was not engaged in direct talks with Washington and has “no intention of negotiating for now”.

White House Press Secretary Karoline Leavitt warned on Wednesday that Iran would be “hit harder” than ever before if Tehran did not accept military defeat.

Iran’s effective closure of the Strait of Hormuz, a conduit for one-fifth of global oil supplies, and its attacks on energy facilities across the Middle East have prompted a surge in energy prices worldwide.

Oil prices are up more than 40 percent compared with before the US and Israel launched strikes on Iran on February 28, prompting numerous countries to implement fuel rationing and other energy conservation measures.

Market-watchers say prices are likely to rise further until shipping is free to traverse the strait, despite efforts by countries to bolster supply by tapping emergency stockpiles in coordination with the International Energy Agency.

While Tehran has repeatedly claimed that the strait is open to ships that are not aligned with its enemies, daily transits have all but collapsed since the start of the conflict.

Four vessels were tracked transiting the waterway via their automatic identification systems on Tuesday, down from an average of 120 daily transits before the conflict, according to maritime intelligence firm Windward.

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Center Parcs summer holiday prices compared to Butlin’s and Haven

The cost of a family summer staycation can vary significantly

With the UK experiencing some milder weather this week, and with April just around the corner, many parents are likely thinking ahead to the summer holidays. As children are off school for, usually, around six weeks, the summer is an ideal time to take a family trip.

However, as anyone who has looked at going abroad over the summer will know, prices jump up significantly while the schools are closed. Going on a break in the UK, then, can be a more affordable option. But how much it will cost you depends on where you go – and prices can differ hugely.

We have compared the price of a week-long break at some of the UK’s best loved holiday parks. Prices are based on the cheapest accommodation available for seven nights, from August 7, for a family of four.

Starting with Center Parcs, a week’s stay in a Woodland Lodge at the Whinfell Forest resort will set you back from £2138. The lodge has two bedrooms, a kitchen, a bathroom and an extra toilet, and comes with a dishwasher, brick-built barbecue stand, furnished private patio, safe, a cot and a highchair, a fully-equipped kitchen, a 40″ flat screen TV, and more.

Over at Butlin’s in Skegness, a family of four can book a Comfort Room for the same dates from £962. There are two bedrooms – one with a double bed, the other with two single beds – as well as a bathroom. However there is no kitchen, and no other facilities are mentioned on the booking site – and towels and housekeeping are not included.

And at Haven’s Marton Mere site, a family of four can book a break from £639 – although this jumps to £809 if you want access to swimming pools, activities, and entertainment venues. The cheapest accommodation is the Saver Caravan which is described online as having two bedrooms, a bathroom, and a kitchen.

Other facilities mentioned on the Haven website include a heater or gas fire in the lounge, a 32″ TV, an under-counter fridge, and beds being made up ahead of your arrival.

All of the above prices were correct at the time of publication. Across all three holiday parks there are a range of accommodation available, with these varying in price. The types of accommodation mentioned in this article were the cheapest available at the time of publication.

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Mystery as Katie Price’s new travel business venture shuts down just two weeks after launch amid backlash

FORMER glamour model Katie Price has sparked mystery as her new travel business venture has been shut down just two weeks after its launch amid backlash.

The 47-year-old had created a “Katie Price Travels” Instagram page, trying to recruit agents for InteleTravel under the brand Travel Smarter Group.

Katie Price appears to have shut down her new travel venture just two weeks after it was launchedCredit: Getty
Katie was spotted advertising for new travel agents as she appeared to set up her business venture alongside Danielle LloydCredit: The Travel Smarter Group

She set up the part-time venture alongside her pal TV personality Danielle Lloyd.

Travel Smarter Group “co-founded” by Danielle, promises travel perks, training and financial protection but does not include clear details of its host agency.

One advert on her feed encouraged people to: “Join Katie Price and Danielle Lloyd.

“Hear how you can earn more from travel around your other commitments. Work flexibly. Travel more. Earn extra income.”

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The podcast host received a slew of backlash from the travel industry, who branded the venture a “gimmick” and a “slap in the face.”

Katie was most notably called out by Inspire Europe chief executive Lisa Henning.

She criticised the star’s move and accused her of bringing down the industry name amid the ongoing war in the Middle East.

Lisa wrote, as reported by Travel Weekly: “I very rarely comment publicly on things like this. But seeing this today is a step too far.

“For the past 12 days I have worked non-stop, 24/7, supporting our clients and our agents through the disruption affecting Dubai and other destinations.

“I’ve seen agents in tears because they care so much about their clients and are genuinely worried about what’s happening.

Katie was slammed by Inspire Europe chief executive Lisa who dubbed her business a ‘gimmick’ and ‘slap in the face’ amid the ongoing war in the Middle EastCredit: Splash

“To see promotions suggesting that you can simply ‘earn money from travel’ with a glossy campaign featuring Katie Price and Danielle Lloyd — positioning the role of a travel agent as something you do casually around other commitments — honestly feels like a huge mockery of our industry.

“This isn’t a side hustle. This isn’t a gimmick. And it certainly isn’t ‘easy money while you travel’.”

Lisa continued: ” Seeing this kind of messaging feels like a real slap in the face to the thousands of dedicated agents who work tirelessly behind the scenes every single day.

“Well done and thank you to all of those who continue to give our industry a good name by doing this job ‘properly’. Always book with a ‘real travel agent’.”

Following the negative response, the model appears to have now deleted her travel page on Instagram.

Katie’s PA has responded to the remarks, according to Travel Gossip.

“Katie has never stated that she personally books travel. She is simply sharing this platform with others to help people become independent travel agents and create an additional income – whether that be part-time or full-time.

“All agents within the community receive full training and are committed to supporting their clients.”

She added: “Katie was simply advertising an opportunity call.”

Katie’s PA responded to the comments claiming the star was simply advertising an ‘opportunity call,’ according to Travel GossipCredit: Getty

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From Pakistan to Egypt, Iran war drives up fuel prices in the Global South | Business and Economy News

As the United States-Israeli war with Iran sends tremors through the global economy, the poorest members of the Global South are the most exposed to the fallout.

In Asia, Africa and the Middle East, developing economies are bearing the brunt of surging energy costs prompted by the closure of the Strait of Hormuz and attacks on oil and gas facilities across the Gulf.

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From Pakistan to Bangladesh and Sri Lanka, through to Jordan, Egypt and Ethiopia, policymakers are facing the double whammy of being both heavily dependent on imported energy and having limited financial firepower to absorb the shock of spiking prices.

In Pakistan, which imports about 80 percent of its energy from the Gulf and has lurched between economic crises for years, authorities have scrambled to roll out measures to conserve fuel.

Facing the depletion of the country’s petrol and diesel reserves within weeks, officials have closed schools, introduced a four-day working week for government offices, ordered half of the country’s public sector employees to work from home, and slashed fuel allowances for official business.

Pakistani Prime Minister Shehbaz Sharif said last week that he had decided against a proposed hike in petrol and diesel prices before the Eid Al-Fitr celebration, saying the government would “bear the burden” of rising costs.

Sharif’s announcement came after the government had earlier this month approved a 55 rupee ($0.20) rise in the price of a litre (0.26 gallons) of petrol or diesel.

While government subsidies have helped cushion the blow for the public, there are fears that petroleum prices will surge and bring economic activity to a halt if the war drags on, said S Akbar Zaidi, the executive director of the Institute of Business Administration in Karachi.

“The overall shock is quite severe, although it has not been fully passed on to consumers and to industry,” Zaidi said.

“I expect the next few weeks to make things far worse once the disruption and price factors pass through.”

bangldesh
A man gets his motorcycle refuelled at a petrol station in Dhaka, Bangladesh, on March 9, 2026 [Munir Uz Zaman/AFP]

In Bangladesh, which imports about 95 percent of its oil and is expected to run through its fuel reserves within days, petrol pumps in some districts have run dry despite the introduction of fuel rationing.

Sri Lanka, which imports about 60 percent of its energy needs and is still reeling from an economic meltdown that began in 2019, has declared every Wednesday a public holiday and introduced a mandatory fuel pass for vehicle owners to conserve petrol and diesel, stockpiles of which are projected to run dry within weeks.

In Egypt, one of the biggest energy importers and among the most indebted economies in the Middle East, the government has ordered malls, shops and cafes to close by 9pm on weekdays and 10pm during weekends, and cut back on public lighting.

Facing growing pressure on public finances due to the government’s heavy subsidisation of fuel prices, Egyptian officials on March 10 announced price hikes of between 15 and 22 percent for petrol, diesel and cooking gas.

While acknowledging the burden on the public, Egyptian President Abdel Fattah el-Sisi said the move was necessary to avoid “harsher and more dangerous outcomes”.

“For a majority of developing economies, especially those already grappling with debt and high import dependence, they are facing a potent mix of inflation, currency pressures and fiscal strains,” said Yeah Kim Leng, a professor of economics at the Jeffrey Cheah Institute on Southeast Asia at Sunway University in Kuala Lumpur, Malaysia.

“The hardest hit are net energy and food importers, especially those with fragile macroeconomic foundations and pre-existing vulnerabilities that typified countries with low per capita income and high poverty rates,” Yeah added.

Pakistan, Bangladesh, Sri Lanka, Jordan, Senegal, Egypt, Angola, Ethiopia and Zambia are among the most at risk, according to a recent analysis by the Washington-based Centre for Global Development, which looked at factors including dependence on fuel imports, public debt levels and foreign exchange reserve/import ratios.

Currency depreciation

The weakening of many developing countries’ currencies against the US dollar – the result of investors buying the greenback amid heightened geopolitical uncertainty – has compounded the situation by further driving up costs.

“Countries such as Indonesia and the Philippines have already seen their currencies at near record lows even before the start of the conflict, making imports, including oil, much more expensive,” said Azizul Amiludin, a non-resident senior fellow at the Malaysia Institute of Economic Research in Kuala Lumpur.

Much as the fallout of the war poses particular challenges for governments in developing countries, the effect on citizens is disproportionate, too.

In less advanced economies, citizens spend much more of their pay cheques on fuel and food, leaving them more exposed to rising living costs.

At the same time, governments in developing countries have less capacity to provide a safety net for those at risk of falling through the cracks.

“In vulnerable economies, governments often attempt to shield their populations from price hikes by subsidising fuel and food,” said Yeah, the Jeffrey Cheah Institute professor.

“However, with depleted fiscal buffers and shrinking revenues, this becomes unsustainable. The ensuing austerity, combined with hyperinflation, can trigger widespread social unrest and a full-blown fiscal crisis.”

pakistan
Motorcyclists crowd a filling station and wait their turn to get fuel, in Lahore, Pakistan, on March 6, 2026 [K M Chaudary/AP]

With the US and Israel barely a month into their war and no clear timetable for its end in sight, many analysts expect things to get worse before they get better.

Khalid Waleed, a research fellow at the Sustainable Development Policy Institute in Islamabad, said rising transport costs would soon be felt at supermarket checkouts.

“Diesel is the backbone of Pakistan’s freight and agricultural economy,” Waleed said.

“Trucking costs have started climbing, and that will feed into everything from flour to fertiliser in the weeks ahead.”

Once Pakistan’s wheat harvest gets under way in April, food prices could spike well beyond their current levels, Waleed said.

“Combine harvesters, threshers, tractors for haulage from field to market, and the trucks that move grain from fields to flour mills and storage facilities all run on high-speed diesel,” he said.

“For a country where wheat flour is the single largest item in the food basket of the bottom two income quintiles, this is not a marginal concern,” Waleed added.

“If diesel prices stay elevated through April and May, Pakistan will harvest its wheat at the most expensive input cost in years, and that cost will transmit directly into food inflation at a time when households have almost no capacity left to absorb further price shocks.”

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US-Israeli war on Iran strains food, water and fuel prices in India | Energy

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Locals in northern India have a growing concern over essential resources like water, fuel and food, that have become costly due to the US-Israeli war on Iran. The conflict has brought implications on oil and gas prices, which has also affected bottled water and food costs.

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Markets tumble as oil prices climb over $100 on Middle East conflict fears

Asian stock markets saw major declines on Monday as gold futures dropped 8% and crude oil prices continued to climb amid heightened uncertainty in the Middle East.


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As the effective closure of the Strait of Hormuz continues to choke global supply, benchmark US crude rose above $100 a barrel on Monday morning in Europe.

Brent crude, the international standard, went up to more than $113 a barrel. The price of Brent crude has zigzagged lately from about $70 per barrel before the war began to as high as $119.50.

European stock indexes opened with losses, with the FTSE in London losing 1.5%, the CAC-40 in Paris being down by 1.6%, and the DAX in Frankfurt dropping by 2% at the opening.

Earlier on Monday, the International Energy Agency warned that the global economy faces a “major, major threat” because of the Iran war and that at least 40 energy assets across nine countries were damaged.

Meanwhile, the de-escalation of the conflict is nowhere near in sight.

Trump warned over the weekend that the US would “obliterate” Iran’s power plants if it does not fully open the Strait of Hormuz within 48 hours, prompting Tehran to say it would respond to any such strike with attacks on US and Israeli energy and infrastructure assets in the region.

“Trump’s ultimatum and Iran’s retaliatory warnings point to a widening conflict that keeps energy disruption and market volatility elevated, with no clear off-ramp in sight,” said Ng Jing Wen, analyst at Mizuho Bank in Singapore.

In Europe, the benchmark natural gas futures were trading above €60 per MWh at the market open.

This follows last week’s gains as escalating threats to Middle Eastern energy facilities heightened fears of deeper supply disruptions.

In Asia, stock markets were also significantly impacted by the uncertainty around the Middle East crisis, with Japan’s benchmark Nikkei 225 dropping 3.5%. In Taiwan, the Taiex shed 2.5%, South Korea’s Kospi dropped 6.5%, Hong Kong’s Hang Seng slipped 3.8% and the Shanghai Composite declined 3.6%.

Higher oil prices, which also shook stock markets on Friday, dashed hopes for a possible upcoming cut in interest rates by the Federal Reserve, analysts said. Before the war, traders were betting that the Fed would cut rates at least twice this year. Central banks in Europe, Japan and the United Kingdom also recently held their interest rates steady.

The S&P 500 fell 1.5% Friday to close its fourth straight losing week, its longest such streak in a year.

The Dow Jones Industrial Average dropped 443 points, or 1%, and the Nasdaq Composite tumbled 2%.

On Wall Street, roughly three out of every four stocks in the S&P 500 fell on Friday.

Stocks of smaller companies, which can feel the pinch of higher interest rates more than their bigger rivals, led the way lower. The Russell 2000 index of smaller stocks fell a market-leading 2.3%.

In the bond market, the yield on the 10-year Treasury finished last week with a jump to 4.38% Friday from 4.25% late Thursday and from just 3.97% before the war started.

The two-year Treasury yield, which more closely tracks expectations for what the Fed might do, rose to 3.88% from 3.79%.

In currency trading, the US dollar rose to 159.53 Japanese yen from 159.22 yen. The euro cost $1.1526, down from $1.1571.

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Eid without toys: Israeli restrictions drive up prices in Gaza | Israel-Palestine conflict News

Gaza City – In front of a toy stall in Gaza City’s central al-Rimal market, Rania al-Saudi stands with her two young daughters, looking bewildered at the unusually high prices of toys.

Al-Saudi had promised her daughters she would buy them two dolls to celebrate Eid, but the exorbitant toy prices mean she simply can’t afford them.

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Her elder daughter, six-year-old Razan, didn’t understand her mother’s worried expressions as Rania asked the vendor for the price of each toy. With every price, Rania gasped and said, “Oh my God, it’s so expensive… this used to be much cheaper.”

Faced with her daughter’s insistence, Rania pleaded with the vendor to lower the prices, but he apologised, saying he could not because getting hold of toys to sell was incredibly difficult, considering Israeli restrictions on importing items into Gaza.

Rania was not alone. Other parents and children repeatedly came to the vendor’s stall to ask about toys, but not one of them made a purchase. In Gaza’s current war-driven economic crisis, the prices are simply unaffordable.

Rania, 43, is originally from Shujayea in eastern Gaza, but has been displaced by the war to the west of the city. She told Al Jazeera that she came looking for toys in an attempt to put smiles on her daughters’ faces before the holiday, but her wish was not fulfilled.

“The prices are extremely high, and the vendors tell us that toys have not entered Gaza since the start of the war. But what did our children do to deserve this?”

Rania recalled the many toys her daughters had in their home before it was destroyed, and how she used to make sure they had toys for every occasion and every holiday.

“Eid holidays are for children’s joy, and children are happy with toys and entertainment. But our children are deprived of everything.”

While speaking to Al Jazeera, Rania tried to calm her daughter Lulwa, who had begun to cry after realising from her mother’s words that she would not get the doll she wanted.

“This doll used to cost no more than 15 shekels ($5) before the war; now it costs 60 shekels ($20),” she said to Al Jazeera, frustrated. “This is something I cannot afford. Everything is expensive and overpriced.”

Rania’s voice grew heavier as she explained that she was unable to even buy new Eid clothes for her daughters – a tradition across the Muslim world – due to the high prices.

“My daughters will not be happy this Eid. I wanted to compensate by getting them dolls, but even that is impossible.”

Toys have been in short supply during the war, which began in October 2023, with bombing and displacement meaning that most children either had their toys destroyed, lost, or left behind. Rania says that her children have been bored, and have had to develop their own ways of playing.

“All the children in the camp face the same situation, so they spend their time playing simple street games like hopscotch, hide-and-seek, or drawing in the sand,” she said.

“But my daughters always wished for a doll. I once tried to make one for them, but they didn’t like it.”

A toy stall in Gaza
Israel restricts the entry of many non-essential goods into Gaza, including toys [Abdelhakim Abu Riash/Al Jazeera]

Rising prices and market impact

Toy sellers say they are not to blame for the high prices.

Anwar al-Huwaity has been in the business for 20 years. He told Al Jazeera that his stall is still operating despite Israel’s devastation of Gaza, but that business has become extremely difficult.

“Before the war, toys were widely available,” Anwar said. “Today, we go from one trader to another, searching. Sometimes we find toys with someone who had them stored, but they sell it at a very high price, up to three times its normal price.”

He added that most toys that now reach Gaza do not enter through official crossings, but in limited quantities via unofficial routes, making them very difficult to obtain.

The cost of bringing toys into Gaza has become extremely high. Anwar said some middlemen demand up to 12,000 shekels ($3,870) for a small shipment, and if it is confiscated or destroyed, the loss falls entirely on the trader.

“We buy merchandise at high prices, so we have to sell it at high prices as well,” Anwar said apologetically.

Anwar said that toys were now up to 300 percent more expensive compared to pre-war prices. The holiday season, the main income generator for toy sellers, used to bring in between $6,500 and $10,000, he explained. Now, he’d be lucky to sell $1,000 of stock – and most of that is bulk sales to other traders, rather than regular customers.

Anwar may be a businessman, but he shared that the hardest part of his job was seeing children ask for toys that their parents cannot afford.

“Many parents can’t buy toys due to the economic situation. People are barely able to secure food,” he said.

Anwar’s job has gone from providing children joy, to seeing them disappointed.

“I have started hating my workday because I know the prices are exorbitant, and when the children and families see the toys, they get upset, especially during the holidays.”

“People come to buy toys and beg me to lower the price,” he said. “They say, ‘This child is an orphan, that child is an orphan … his parents were killed in the war’. It feels like all children in Gaza have become orphans.”

A toy seller in Gaza
Toy sellers say they are forced to pass on high prices to customers [Abdelhakim Abu Riash/Al Jazeera]

Restrictions on recreational goods during the Gaza war

Since the outbreak of the war on Gaza in October 2023, trade has been heavily restricted due to the closure of commercial crossings by Israel, especially Karem Abu Salem (Kerem Shalom), the main entry point for goods into Gaza from Israel.

Israel imposed a total blockade on Gaza in 2023, and again for several months in 2025, leading to the declaration of a famine in northern Gaza.

Conditions have improved since a “ceasefire” was declared in October, but Israel is continuing regular strikes – and continuing to heavily restrict the entry of non-essential commercial goods, including toys and recreational materials.

Although no official law or declaration explicitly bans toys from entering Gaza, administrative and security restrictions, combined with the prioritisation of humanitarian goods, have effectively made entry of these items almost impossible.

The United Nations has noted that restrictions on commercial goods, including toys, have affected the availability of both essential and non-essential goods in Gaza.

Near Anwar’s toy stall is another run by Ahmed Ziara. The 24-year-old has been selling toys for several years, but the war has forced him to periodically stop trading.

“Before the war, I worked in major toy exhibitions,” Ahmed explained. “Now toys rarely enter, and we often have to smuggle them, sometimes hidden inside clothes or other goods.”

Ahmed confirmed that most of the toys he acquires are old stock already in Gaza, sold at high prices due to scarcity.

He mentioned that popular Eid holiday toys, which were once inexpensive, now cost triple or even quadruple their previous prices: a small toy car that sold for 40 shekels ($13) last year now costs 150 shekels ($48), a small ball that once cost 3 shekels ($1) is now 30 shekels ($10), building blocks are nearly unavailable, and dolls cost more than 70 shekels ($22.50).

“Buying from traders is hard, and selling is hard due to the economic situation,” Ahmed told Al Jazeera.

“Sometimes I have to sell below the expected price just to clear stock, but most of the time we must raise prices due to high costs and difficulty obtaining toys.”

“If conditions improve and toys are allowed in normally, prices will return to normal, and children and families will be able to enjoy the holiday as before,” he said.

“This work is not easy,” he added, contemplating. “Sometimes I sit alone and tell myself what I am doing is unfair because prices are extremely high. But despite everything, we love to bring joy to children, even for a short time.”

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Egypt resorts drop prices by 70 per cent with mega cheap all-inclusive deals

EGYPT has seen a fall in tourism due to the ongoing Iran conflict – despite it not being affected.

In response, tour operators are dropping prices of all-inclusive holidays – with some savings racking up to over £2,000.

The price of holidays to Egypt has dropped as Brits avoid goingCredit: Alamy
TUI’s Coral Sea Water World has its own waterpark and savings of over £2,000Credit: TUI

Due to the ongoing conflict in the Middle East, Brits have been avoiding travelling to the surrounding countries, including Egypt.

Last week, On The Beach confirmed that they had experienced a drop in demand for popular holiday destinations including Egypt as well as Greece, Turkey and Cyprus.

Despite this, its airspace remains open and the travel advice to popular tourist spots along the Red Sea coastline hasn’t differed from the being safe for travel.

What has changed, is that the price of all-inclusive holidays has plunged.

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The CHEAPEST all-inclusive holidays in May half term – from £259pp and kids go free


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The ‘cheap luxury’ beach resorts under 4 hours from UK with breaks from £75pp

For families wanting to go on holiday in the coming months to enjoy Egypt‘s highs of 30C, there are some incredible deals out there.

Coming in at the lowest price is a deal with loveholidays which starts from £239 per person for an all-inclusive holiday for a family of four.

The 3-star New Badawia Resort in Sharm El Sheikh is slightly inland but still has a swimming pool for cooling off in the warm weather.

For those who want to explore the beach, one is just a seven-minute drive away.

Between April 22 – 29 loveholidays is offering an all-inclusive package including flights from London Gatwick from £956 – or £239 per person.

Another cheap offer is a seven-night all-inclusive stay at the Falcon Naama Star hotel in Sharm El Sheikh from as little as £265 per person.

This price is from On the Beach for a stay from April 22 to April 29 and includes return TUI flights from Manchester Airport.

easyJet Holidays has some impressive deals too.

An all-inclusive break at the Xperience St. George Homestay, in the coastal neighbourhood of Hadaba in Sharm El Sheikh, starts from £424 per person.

This includes flights from Liverpool John Lennon Airport on May 11 and the return journey on May 28, 2026.

A TUI holiday has dropped by nearly 70 per cent, with a three-night all-inclusive stay next month at Sindbad Club just £347pp – down from £1017pp.

Or a family of four can have an all-inclusive stay across seven-nights at the Coral Sea Water World in Sharm El Sheikh for just £1,576 – or £525.46 per person (and down 60 per cent).

The trip with TUI from April 22 to April 29, 2026 is all-inclusive and includes return flights from Manchester Airport.

Brits unsure about booking holidays should remember that the package holidays are ATOL-protected – so if they get cancelled, you get all your money back.

What is the current travel advice to Egypt?

Keep up to date with the FCDO travel advice to Egypt on Gov.UK – here’s the latest…

FCDO advises against travel to these parts of Egypt;

Egypt-Libya border

North Sinai

Northern part of South Sinai

Eastern part of Ismailiyah Governorate

Hala’ib Triangle and Bir Tawil Trapezoid

Western Desert

FCDO advises against all but essential travel to the area west of the Nile Valley and Nile Delta regions, except for:

  • Luxor, Qina, Aswan, Abu Simbel and the Valley of the Kings
  • the Faiyum Governorate
  • the coastal areas between the Nile Delta and Marsa Matruh
  • the Marsa Matruh-Siwa road
  • the oasis town of Siwa
  • the Giza Governorate north-east of the Bahariya Oasis
  • the White Desert and Black Desert
  • the oasis towns of Bahariya, Farafra, Dakhla (Mut) and Kharga
  • the following roads and the desert area between them and the Nile valley:
    • the road between Giza and Farafra and within 50km either side of this road (but FCDO advises against all but essential travel on the road between Bahariya and Siwa)
    • the road between Farafra, Dakhla (Mut) and Kharga
    • the road between Kharga and Baris
    • the road between Baris and Luxor

It also warns of potential regional risks that “could lead to travel disruption and other unanticipated impacts”.

The FCDO advises British nationals to “take sensible precautions, considering their own individual circumstances”.

For more on Egypt, here’s an affordable beach destination with 77p beers and cheap seaside resorts.

And hear more from one writer who found the “perfect Egyptian destination for families seeking adventure” from scaling pyramids to snorkelling and desert safari.

The Xperience St. George Homestay has deals from £424ppCredit: easyjet Holidays
The price of all-inclusive holidays to spots in Egypt have plummetedCredit: Alamy

Our favourite Egypt holiday deals

If you click on a link in this box, we will earn affiliate revenue.

New Badawia Resort, Sharm el Sheikh

This hotel in popular resort Sharm el Sheikh has a large outdoor pool, waterpark and its own private beach area to cool off from the Egyptian sun. There’s traditional evening entertainment to bring the kids along to, and plenty to do in the local area like snorkelling and dipping into local bars and restaurants

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Jaz Makadi Saraya Palms, Hurghada

With five swimming pools, six bars and six restaurants, you won’t get bored of this sprawling resort. The resort sits in the town centre of Makadi Bay, with plenty of dining and shopping options on your doorstep. The best part? Makadi Water World is just minutes from the hotel, famed for its 50 water slides and wave pool – and guests staying here get free entry.

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Jaz Grand Marsa, Marsa Alam

The 4-star Jaz Grand Marsa has its own private beach with a coral reef, as well as five pools, three of which have sea views. The spacious grounds feature gardens and water fountains, plus tennis courts.

BOOK HERE

Coral Sea Water World, Sharm el Sheikh

This all-inclusive resort is built for families, with a huge entertainment programme and an on-site waterpark with 18 slides. You can expect a buffet that’s anything but repetitive, as the theme and food line-up change daily. If you can bring yourself to leave the all-inclusive waterpark-come-resort, there’s the King Tut Museum, plus the Red Sea is world-famous for snorkelling.

BOOK HERE

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Airfares set to take off as fuel prices fly

Just like regular consumers at the gas station, airlines refueling in Los Angeles are being forced to adjust to higher prices at the pump.

Jet fuel prices have shot up, and experts say airfares are following suit.

With a busy summer travel season approaching, airlines are starting to pass the costs on to passengers through higher fares and fees.

“Whenever there’s a surge in oil prices, the airlines end up passing that to the consumers immediately,” said Diego Bufquin, director of hospitality management and entrepreneurship at Tulane University. “It doesn’t take a long time.”

Airlines have been struggling around the world since the U.S. and Israel began bombing Iran late last month. Flights have to take longer paths around war zones, and higher fuel costs eat into their already razor-thin profit margins.

Jet fuel prices account for about a third of airlines’ operating costs, so they “cannot afford to wait to upcharge their customers,” Bufquin said.

United Airlines Chief Executive Scott Kirby told CNBC that the spike in fuel prices will have a “meaningful” impact on the airline’s financial results.

Some airlines outside the U.S. have already added fuel surcharges to their ticket fees. Air India announced a phased increase in fuel surcharges on domestic and international routes last week. Hong Kong’s flag carrier Cathay Pacific announced it would charge extra on all fares to cover fuel costs starting Wednesday.

Airlines topping up at LAX and other regional airports are already being hit. Jet fuel prices in Los Angeles have jumped more than 40% since the conflict in the Middle East started.

Just like the price of gas for cars, jet fuel often costs considerably more in California than in other states.

California is largely detached from the rest of the fuel distribution system. With limited pipeline connectivity, it relies more on sea delivery from other states and countries. California also has higher taxes on jet fuel than many other states.

National average gas prices reached $3.71 per gallon on Tuesday, according to AAA. In California, the average Tuesday was $5.52 per gallon.

Still, spring and summer demand is likely to remain strong even if prices rise, said Alan Fyall, an associate dean of the University of Central Florida Rosen College of Hospitality Management.

“Fares are going up, but the demand is still there domestically,” Fyall said. “The only thing that really dampens demand is economic recession.”

Indeed, consumers have been booking earlier than usual to lock in lower prices for their summer travel, airlines said. Delta and American Airlines had some of their strongest-ever single-day sales in March.

“When prices did spike, we saw a spike in demand,” Alaska Airlines Inc. Chief Executive Ben Minicucci said this week, according to Bloomberg. “I think people got this initial, ‘Wow, if this thing is going to go crazy, I better book my fare now before fares go up.’”

Airlines and other industries will face tougher conditions if fuel prices remain high for a prolonged period, he added.

Airfares were already on the rise, according to the Consumer Price Index, which found that the airline fares index rose 1.4% in February compared to last year.

The impact will vary by airline, said Fyall. Many airlines hedge their fuel to negotiate a fixed price, and stock up on fuel while it’s less expensive.

“The airlines that manage their fuel-buying process very well, that hedge very well, tend to be able to offset the price charges quite well,” Fyall said.

Jet fuel prices are even more sensitive to economic forces than auto fuel prices, experts said.

It’s not yet clear if Californians will have to pay significantly higher airfares than their neighbors, but some in-state flight routes could become temporarily unavailable, according to Bufquin. As airlines look to save money, they could cut certain shorter, less profitable routes.

“Budget airlines like Spirit and flights from smaller California hubs like Burbank, San José and Fresno are at risk of being canceled,” Bufquin said.

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U.S. gas prices up 27% since start of Iran attacks

March 17 (UPI) — U.S. gasoline prices have surged by 27% and diesel by 34% since the start of U.S. attacks on Iran last month, fuel costs reported Tuesday indicate.

AAA reported that the national average cost for a gallon of gas in the United States was $3.79 Tuesday morning. Diesel was $5.044 per gallon, topping the $5 threshold for the first time in three years, CNBC reported.

A year ago, those prices were $3.078 and $3.592, respectively. A month ago, they were $2.917 and $3.651.

Fuel prices have been on the rise globally since the United States and Israel launched attacks on Iran on Feb. 28 amid negotiations over Iran’s nuclear program. The attacks, which killed Iran’s supreme leader, Ayatollah Ali Khamenei, prompted Tehran to effectively close down the Strait of Hormuz by banning ships linked to the United States or Israel. About 20% of the world’s oil runs through the waterway that separates Iran and Oman.

Brent Crude, the benchmark price for oil worldwide, rose about 2% to $102 a barrel Tuesday, The New York Times reported. The West Texas Intermediate, the U.S. benchmark, rose to $95 a barrel.

Diesel prices are particularly tied to the U.S. economy, which depends on it for the transportation of goods via trucks, trains and barges. Recent surges in prices could have a cascading effect.

Andy Lipow, president of Lipow Oil Associates, said Tuesday that trucking and rail companies have begun increasing their fuel surcharges in response to the fuel hikes.

“One should really be worried about higher diesel prices,” he said in a note published by CNBC.

President Donald Trump this week put pressure on other nations that rely on oil shipped through the Strait of Hormuz to join a coalition to police the transit route and reopen traffic.

Speaking aboard Air Force One on Sunday, Trump said the United States doesn’t need to be involved in reopening the Strait of Hormuz because little of its oil passes through the waterway. About 7% of the United States’ crude oil and condensate imports passed through the strait in the first half of last year, the U.S. Energy Information Administration said.

He said the United States was protecting it “almost like we do it for habit” and to help “some very good allies that we have in the Middle East.”

Patrick De Haan, head of petroleum analysis at GasBuddy, said Monday, “until we see a meaningful resumption of oil flows through the Strait of Hormuz, upward pressure on fuel prices is likely to persist.”

Iranians attend a funeral for a person killed in recent U.S.-Israel airstrikes at Behesht-e Zahra cemetery on the southern outskirts of Tehran in Iran on March 9, 2026. Photo by Hossein Esmaeili/UPI | License Photo

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Katie Price’s husband Lee Andrews reveals romantic birthday gifts from glamour model wife as they prepare to reunite

KATIE Price’s husband Lee Andrews has shown off his plethora of birthday gifts from his wife ahead of their Dubai reunion.

Lee celebrated his special day without Katie by his side as she was in England but she has jetted off to the Middle East, despite the ongoing concerns, today to join him.

Katie Price’s husband Lee Andrews has revealed the gifts from his wife for his birthdayCredit: Instagram/@wesleeeandrews
The star showed off presents that appeared to be from KatieCredit: Instagram/@wesleeeandrews
The star is currently on her way back to Dubai to see him – despite the ongoing Middle East conflictCredit: BackGrid

However, Lee has taken to social media to reveal that Katie did indeed send him some birthday gifts ahead of her arrival.

On social media, he showed off a custom-made card from Katie that featured pictures of them both.

The card also contained the message: “Husband, you complete me.”

Katie also appeared to have got him a matching mug.

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A Louis Vuitton gift bag could also be seen in the background as Lee added the caption: “Wife is just the best.”

It appears to be the first time that Katie has splashed out on her husband with the star previously telling The Sun that she has never paid for anything during their marriage.

She insisted Lee had always paid for everything they did, including her flights out to see him.

Lee then shared a snap of another sentimental gift from his wife.

It was a small pin which featured the design of a man and woman embracing with the names Katie and Lee emblazoned on it.

Lee said of the gift: “The smallest thoughts mean the most.”

He went on to share a look at the words Katie had written for him in his card, which said: “To my forever husband!

“Happy Birthday! I will share your whole life celebrating with you!

“I love you to infinity love from your wife Katie x.”

Katie has been spotted at the airport heading to see Lee after a few weeks back in the UK.

He shared a peek inside the card that she had sent to himCredit: Instagram/@wesleeeandrews
The star is due to reunite with him later todayCredit: BackGrid

Her decision to travel to the UAE comes amid growing concern over troubles in the Middle East.

The ongoing Iran crisis is still causing chaos for travellers following more drone attacks in Dubai, including a missile dropping on the airport.

But Katie was spotted at Gatwick airport late last night with her luggage and passport in hand.

Katie was dressed in a polka-dot tracksuit top and leggings, which showed off her tiny legs.

Katie was seen smiling and was in good spirits, despite boarding a plane to an at-risk country.

The star was seen chatting to the airline staff as she checked in her huge suitcase for her trip.

Despite Katie flying off to Dubai, the ongoing crisis in Iran has continued to affect travel with British Airways cancelling all flights there until June.

The airline took this decision due to the “uncertainty of the situation in the Middle East”.

Other companies are running limited flights whilst the fighting continues.

Katie is heading to Dubai one day after his birthdayCredit: BackGrid
The couple are continuing to prove that their marriage is the real dealCredit: mistraesthetics/Instagram

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Katie Price’s husband Lee Andrews ‘ran up HUGE bill’ at luxury Dubai hotel for wedding

KATIE Price’s new husband Lee Andrews has “ran up a HUGE bill” at the luxury hotel where they got married.

The self-confessed ‘millionaire’, 41, and the former glamour model, 47, tied the knot just two weeks after meeting each other, leaving her family in shock.

Katie Price’s husband Lee Andrew has ‘ran up a huge bill’ at the luxury hotel where they marriedCredit: Instagram/@wesleeeandrews
Self-proclaimed millionaire Lee has STILL not paid the outstanding costs six weeks onCredit: wesleeandrews/Instagram

The Sun revealed that the pair had married in a very intimate ceremony at The One&Only Royal Mirage, a 5-star luxury beachfront resort.

Our exclusive photos showed Katie in a white cut-out gown saying ‘I do’ in a private gardens as they exchanged their vows while holding hands.

But now it has been claimed that Lee has not coughed up a penny, which is believed to run into the thousands of pounds.

Despite promising to return and pay the outstanding cost, he still hasn’t paid and it has reportedly left staff “frustrated”.

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“Lee Andrews has not yet paid the One&Only Royal Mirage hotel where he and Katie Price got married. He promised to settle the outstanding bills but still hasn’t, and it’s been over six weeks,” an insider told the Mail.

When the publication approached Lee for comment and he insisted it was “fully paid”, adding: “It was an SMS on my HSBC locally. I will ping it to you so you can see it.”

But they have still not been provided any proof of payment.

The Sun has reached out to Lee for comment.

It comes just The Sun revealed that Lee had been begging women for money just a week before be proposed to Katie.

Self-proclaimed millionaire Lee whinged about surviving on 20p ready meals weeks before he married Katie.

He even begged a former friend for $4,000 just mere days before proposing to the former glamour model.

Lee popped the question to Katie on January 23, and the couple tied the knot in Dubai just 48 hours later.

He recently boasted about his love for his new wife the The Sun, and Katie even showed us  “proof” he owned a £36million property in Dubai.

Katie also claimed Lee had paid for every single one of her first-class flights to and from Dubai.

She also said he had forked out for all the romantic dates they had been on since January, with her not spending a penny.

Katie recently gushed to The Sun: “I can reassure everyone at home that I haven’t gone for a con man.

“I haven’t gone for a scammer.

“There was no love bombing.

“I’ve gone for a beautiful human being who genuinely makes me happy, who I’m so in love with,” she gushed.

The Sun revealed that Lee had been begging women for money just a week before be proposed to KatieCredit: instagram

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