US-Israel War on Iran: Consumers face high grocery prices, flight tickets as conflict disrupts global oil supplies

*The ongoing United States and Israel conflict with Iran in the Middle East continue to take a negative toll on economies, as it disrupts global supply chains, and triggers product price increments across a range of consumer product and service categories in the volatile region

Isola Moses | ConsumerConnect

The ongoing United States (US) cum Israel conflict with Iran in the Middle East has continued to disrupt global supply chains, and trigger product price increments across a range of consumer product and service categories.

ConsumerConnect gathered that the escalating security situation had prompted accusations of price gouging against consumers, and warnings of worse to come if the conflict persists in the Gulf region.

In terms of the immediate impacts of the transnational military strikes, prices of groceries have been mostly affected, agency report said.

Supermarket bills have yet to increase, but a knock-on effect is expected from the closure of the strategic “Strait of Hormuz”, where 20 percent of the global oil supplies pass through.

The ongoing US-Israel war against Iran has been disrupting shipping.

In effect, the situation has halted a fifth of global oil and gas supplies, and a third of fertiliser supplies.

Iranian authorities Thursday, March 5, 2026, disclosed the Islamic Republic has taken control of the important Strait of Hormuz channel.

Meanwhile, grain prices are rising, and Asian shrimp, dried fruit and nuts will require longer, costlier routes to Europe, according to the commodity price reporting agency Expana.

Aside from this scenario, disruption of Iran’s sizeable exports of pistachio, walnuts, almonds, saffron and dates could also jack up prices, report noted.

However, if Brazil’s supply of beef and poultry to the Middle East is rerouted to Europe that could lead to lower prices for European consumers, according to the Association of Independent Meat Suppliers.

On world’s petrol pump prices

Reports indicated that fuel pump prices had risen slightly across the United Kingdom (UK) and Europe since Israel and the US started bombing Iran Saturday, February 28, and much higher rises are expected.

Brent crude, the global benchmark for oil prices, jumped 10 percent to $82 (£61) a barrel Monday before easing to $78 as of Wednesday.

Further still, Britain’s AA has said record prices could come within the next two weeks, The Guardian UK report

Speaking on the US-Israel war on Iran, Irish taoiseach, Micheál Martin, said there was “no excuse” for fuel price rises because Ireland’s oil came from the North Sea.

Martin said: “We don’t want any price gouging going on.”

Spain’s government said it was monitoring petrol prices to avoid speculative movements.

The President of the European country unequivocally, has declared that it supported no war against Iran.

Effects on heating oil supplies

Some suppliers in Northern Ireland, where almost two-thirds of homes use oil for heating, also have increased prices by more than a third.

It is recalled that 26 February, the average price of 500 litres was £307 but some providers are now charging up to £425, the BBC report stated.

Airline tickets increase

The prices of flights between Europe and Asia have jumped since the closure of large Middle East hubs led to thousands of flights being cancelled.

Stranded passengers who have tried switching to other carriers, and routes have encountered higher fares and limited availability.

Maritime insurance

Leading maritime insurers have cancelled war risk cover for vessels operating in the Gulf with effect from Thursday, but many are expected to offer to reinstate war coverage at new terms. Mutual P&I cover offered by the insurers is unaffected.

Marcus Baker, the global head of marine at the insurance broker Marsh, said insurance rates could go up by 50% to 100%, or even more, from 0.25% to 0.5% or 1% of the value of the insured asset.

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