Fossil fuel supplies have reduced since the war against Iran led to the closure of the strait of Hormuz, a crucial shipping route for oil and seaborne gas. The United StatesThe US, which, with Israel, bombed Iran in late February, has threatened further blows to Iranian oil infrastructure that may prolong the war and raise fuel prices further. Several EU governments have announced fuel subsidies and tax cuts to shield consumers from price spikes. Chile’s new president, José Antonio Kast, has hiked fuel prices just weeks after entering office to bring them in line with global prices. Drivers can fill their tanks with ethanol from homegrown sugarcane instead of relying on imported fossil fuel.

Source: Irish Examiner April 02, 2026 17:22 UTC