Geopolitical risks around the Strait of Hormuz are causing sharp fluctuations in prices on the global oil market. This process has also begun to impact fuel prices in Uzbekistan.
The geopolitical situation in the Middle East has escalated further in recent days. The confrontation between the US, Iran, and Israel is affecting not only the region but the global economy as well. In particular, the situation around the Strait of Hormuz, through which a large part of world oil trade passes, is causing serious concern in international markets.
These factors are also leading to changes in the fuel market. According to data from the Uzbek Commodity Exchange, during trading on March 10, 2026, the price of AI-92 petrol increased by 7.4 percent.
The exchange report stated that the price of petrol suddenly rose by 878.9 thousand soms, reaching 12 million 723 thousand soms per ton. This brings the average price of one liter of fuel to around 9.5 thousand soms.
Experts explain this change by domestic market demand and sharp fluctuations in global oil prices.
Interestingly, at the beginning of 2026, the price of AI-92 petrol was close to its current figure. At the start of the year, it was traded at around 12 million 752 thousand soms per ton. However, on March 6, the price had dropped to 11 million 844 thousand soms. Therefore, the sharp growth on March 10 demonstrates that the market situation can change rapidly.
Changes in the fuel market are also directly linked to international oil prices. On March 9, 2026, the price of Brent crude rose to $111.04 per barrel. Such a sharp increase is attributed to the political situation in the Middle East and risks surrounding the Strait of Hormuz.
A large portion of the world's oil is transported through this sea route. Consequently, any risk in this area instantly impacts the global energy market.
According to experts, this level of price growth is being observed for the first time since the outbreak of the Russia-Ukraine war in 2022.
Changes in the world market may also affect Uzbekistan's economy. Although the country has the capacity to extract oil and produce petrol, imports also play a significant role in the fuel market.
According to statistics, in 2025 Uzbekistan imported approximately $2 billion worth of oil and petroleum products from abroad. Of that amount, $1.55 billion accounted for petrol. Oil imports increased by 2.2 percent compared to the previous year, while petrol imports rose by 5.8 percent.
Imports remained high in January 2026 as well. In that month, $205.4 million worth of oil and petroleum products were brought into the country. Of this sum, $170 million was spent on automotive petrol.
These figures are significantly higher compared to January 2025. Specifically, oil imports increased by 43.2 percent, and petrol imports by 44.8 percent.
Certain internal issues are also being observed in the country's energy sector. During the winter season, the operations of gas stations were temporarily restricted in some regions. Due to a cool spring, restrictions remain in place at certain filling stations.
The Ministry of Energy of Uzbekistan has attributed this situation to technical reasons related to gas supplies. According to the ministry, gas pressure can drop when the weather gets colder, which affects fuel supply.
At the same time, the international political situation is also increasing economic risks. According to The Wall Street Journal, the US military leadership stated that an operation to escort commercial vessels with warships in the Strait of Hormuz could be associated with high risks.
According to sources, deploying large warships in a narrow sea corridor could make them easy targets. At the same time, if the safety of tankers is not ensured, the restoration of trade flows through Hormuz could also become difficult.
