Purchasing power in France has dwindled since 2024, while fuel prices soared following the start of the US-Iran war in 2026

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In October 2026, the United States refrained from military strikes on Iran, relying instead on a naval blockade of Iranian ports and sanctions against Iranian shipping networks

The United States and Israel launched a war against Iran on February 28, 2026

President Donald Trump blamed Ukrainian drone attacks on Russian oil refineries for rising fuel prices ahead of the November 3, 2026 U.S. midterm elections

U.S. Secretary of State Marco Rubio scheduled a visit to Jamnagar, Gujarat on October 21, 2026 to tour the Reliance oil refinery and the Vantara animal facility

U.S. President Donald Trump suspended certain energy sanctions against Russia and five major buyers of Russian oil, including India

U.S. Secretary of State Marco Rubio stated that the United States will discuss with Reliance Industries the refining of Venezuelan crude oil and oil production in Venezuela

President Donald Trump announced an agreement on October 9, 2026, allowing Russia to supply diesel to the global market, authorized via Treasury General License 135 through April 7, 2027.

President Donald Trump stated that allowing Russian diesel onto the global market aims to lower fuel prices for American consumers and signal potential economic benefits to Moscow.

Iran's Islamic Revolutionary Guard Corps stated that an oil tanker caught fire after striking a sea mine in the Strait of Hormuz on October 18, 2026.

The October 9, 2026 agreement between Russian President Vladimir Putin and U.S. President Donald Trump enabled Russian diesel sales to international and U.S. markets.

U.S. President Donald Trump criticized Ukrainian attacks on Russian diesel refineries, asserting that strikes on refineries harm global diesel markets.

U.S. President Donald Trump announced on October 16, 2026, a waiver on new sanctions against Russia and an agreement to purchase Russian diesel fuel.

Bank of Canada Governor Tiff Macklem stated on October 17, 2026, that the central bank expects to revise its inflation forecast higher due to persistent Middle East conflict and elevated oil prices.

Approximately half of Canadian firms surveyed by the Bank of Canada plan to pass on cost increases from the Iran war and trade tariffs to customers over the next 12 months.

Global energy costs and oil prices soared following the February 2026 launch of a war on Iran by the United States and Israel, creating inflationary pressures on low-income importing nations.

Brent crude oil prices reached nearly $108 per barrel on October 19, 2026 following a surge in Iranian maritime attacks in the Strait of Hormuz.

Broad escalation in Middle East hostilities following United States and Israeli strikes on Iran in February 2026 forced the postponement or cancellation of multiple regional events, including cycling championships and diplomatic summits

In the first part of 2026, several conferences were cancelled, postponed, or retooled in the United Arab Emirates and Qatar when those countries bore the brunt of attacks linked to the US-Israeli war with Iran

Iran suspended cooperation with the IAEA in July 2025 after Israeli and US strikes on its nuclear facilities

The IAEA has not carried out verification activities in Iran since February 28, 2026 and cannot confirm the size or location of its enriched uranium stockpile