Islamabad, Pakistan — Oil prices jumped around 25 percent on March 9, 2026, reaching their highest level since mid-2022, as the ongoing conflict between Iran, the United States, and Israel disrupted energy supplies across the Middle East. The sharp rise has worried families in Pakistan, where most fuel comes through the blocked Strait of Hormuz.
At the same time, gold prices fell by 2 percent because of a stronger US dollar and fears of higher inflation. Everyday items like cooking oil, wheat, and other foods also became more expensive in world markets because they are linked to oil costs. This sudden change is expected to increase travel and transport expenses for ordinary Pakistanis in the coming days.
Crude #OilPrices spike near $120 a barrel as Iran war impedes production
Details here 👉 https://t.co/LlixTKCCsy#WestAsiaWar #USIranConflict #crudeoilpricehike
— Business Standard (@bsindia) March 9, 2026
Key Highlights
- Oil prices surged 25 percent in one day due to the Iran conflict and blocked shipping routes.
- Gold prices dropped 2 percent as the US dollar became stronger.
- Prices of cooking oils, wheat and corn also rose sharply in global markets.
- Aluminium prices hit a four-year high because of worries about supply shortages.
- Pakistan is closely watching the situation and working on alternative fuel sources.
The conflict has made shipping through key routes very difficult, forcing some oil-producing countries to cut back supplies. In Pakistan, where fuel prices already rose sharply last week, this global jump is adding fresh pressure on household budgets and transport costs. Many people are now worried about higher prices for daily travel, goods and even food items that depend on oil for production and delivery.
Market expert Tony Sycamore said, “The situation is getting worse by the day, and there is no clear way out of the conflict right now.”
VIEW Oil surges 20% as Iran war fuels supply fears https://t.co/3Od9MHqd7Q https://t.co/3Od9MHqd7Q
— Reuters (@Reuters) March 9, 2026
Pakistan has already started securing oil from friendly countries like Saudi Arabia through safer routes to reduce the impact. The government is also preparing steps to protect families from the full burden of these global price changes. While the situation remains tense, Pakistan’s focus remains on keeping essential supplies steady and supporting its people during this difficult time. Normal life and business activities are continuing, with authorities monitoring developments closely to provide timely relief where needed.
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