The prices of fuels in Brazil have been escalating for three consecutive weeks as reported by the National Agency of Petroleum, Natural Gas and Biofuels (ANP) on Friday, February 20. Since the beginning of the war in Iran, diesel prices have surged by 20.4%, while gasoline prices have risen by 5.9%. During the week ending February 28, the average price for diesel stood at R$ 6.03, coinciding with attacks by the United States and Israel against Iran. By the end of the following week, end prices for diesel had jumped to R$ 7.26.

The upward trend in diesel also reflects an increase in gasoline prices during the same timeline, which rose from R$ 6.28 before the conflict to R$ 6.65. This sharp increase highlights the wider energy crisis associated with the geopolitical tensions resulting from the conflict in the Middle East. Factors contributing to the crisis include attacks on oil and gas facilities as well as disruptions in shipping traffic through the Strait of Hormuz, a crucial passage that transports about 20% of the world's oil and gas production.

Overall, Brazilians are feeling the economic impact of these international developments, with fuel prices rising sharply. The implications of this spike in fuel prices could lead to increased transportation costs and higher consumer prices, intensifying the ongoing economic challenges faced by the country amidst global energy market volatility.