Petrol prices likely to stay high amid US-Iran uncertainty: reports Al Jazeera

BusinessMust ReadPetrol prices likely to stay high amid US-Iran uncertainty, reports Al JazeeraBy Web Desk-Apr 19, 2026Uncertainty in the Middle East, particularly amid ongoing tensions and the lack of a breakthrough in US-Iran relations, is expected to keep global energy markets under strain, with concerns that petrol prices may remain high for an extended period. According to a report by Al Jazeera, US Energy Secretary Chris Wright has warned that petrol prices could stay elevated due to the continuing impact of conflict-related risks on global supply chains. He noted that instability linked to the regional situation is still being reflected in international energy markets. Chris Wright cautioned that petrol prices in the United States could remain above $3 per gallon through next year, adding that any meaningful relief in petrol prices would largely depend on a resolution of ongoing geopolitical tensions. Also Read: Petrol Price in Pakistan likely to decrease after Hormuz decision: Minister Without that, he suggested petrol prices are likely to remain under upward pressure. He further remarked that petrol prices have already reached elevated levels and a sharp decline in the near term appears unlikely given current market conditions. The Al Jazeera report also highlighted that the average petrol rates in the United States have climbed to around $4.05 per gallon, marking an increase compared to the previous year, reflecting sustained pressure in global energy markets driven by uncertainty and supply concerns. Earlier, Federal Minister for Energy Awais Ahmed Khan Leghari stated that petrol price is likely to decrease following the reopening of the Strait of Hormuz for commercial trade today. The Federal Minister took to his X account to state that, through the extensive efforts of Prime Minister Shehbaz Sharif and Field Marshal Syed Asim Munir, Pakistan has become a global flag bearer for peace. Minister Leghari noted that the ceasefire brokered in Lebanon has allo...