Global oil prices surged sharply this week, with Brent crude approaching $110 per barrel after escalating conflict in the Middle East raised fears of disruptions to energy infrastructure and supply routes.
The spike follows coordinated strikes by the United States and Israel targeting Iran’s energy sector, including infrastructure linked to the massive South Pars gas field, one of the largest natural gas reserves in the world. The development marks a significant escalation, as it is the first time Iran’s upstream oil and gas facilities have been directly targeted since the conflict began in late February.
Iran responded with strong warnings, signalling potential retaliation against energy facilities across the Gulf region. Authorities in Tehran outlined possible targets in Saudi Arabia, the United Arab Emirates, and Qatar, including major refineries and gas fields, and pledged to escalate the conflict “in new ways.”
The situation has heightened concerns over global energy security, particularly around the Strait of Hormuz, a critical shipping route that handles roughly 20 percent of the world’s oil and gas flows. Disruptions in tanker movement through the strait have already contributed to one of the strongest oil rallies in recent years, with prices climbing significantly since the conflict began.
Efforts by global powers to stabilize markets — including large-scale releases from strategic oil reserves — have so far had limited impact in curbing price increases. Fuel prices in several markets have risen noticeably, reflecting ongoing uncertainty.
Despite the global surge, the State Trading Organization (STO) has assured that fuel supplies in the Maldives remain stable. In a response to concerns raised on state media, the company said current stock levels are sufficient to meet national demand and that there are no immediate risks of shortages.
STO also confirmed that two additional fuel shipments are expected to arrive soon, which will further support existing reserves. A shipment of cooking gas is also scheduled to reach the country within the same period.
The company noted a recent increase in demand for cooking gas and said its subsidiary, Maldive Gas, has introduced temporary measures to manage distribution. As part of this, 5-kilogram gas cylinders are currently being sold at a reduced price instead of the standard 10-kilogram cylinders, a move aimed at ensuring wider availability during the short-term demand surge.
Authorities emphasized that the measure is temporary and that normal supply arrangements are expected to resume once new shipments arrive.
