New Delhi, Aug. 30 -- An analysis by the Centre for Research on Energy and Clean Air (CREA) revealed that fossil fuel importers paid a gross extra cost of $330 billion for seaborne crude oil, oil products and LNG in the six months following the US-Israel strikes against Iran in February 2026. This was more than pre-war futures markets had expected to pay over the same period.

The report published on August 26 emphasised the "largest sustained oil price shock" the US-Iran war has caused since the 1990 Gulf War.

"During the conflict's first six months, Asian LNG prices averaged 75% above pre-war expectations, European LNG prices 60% above, diesel 59% above and crude oil 35% above," the analysis by CREA revealed.

The movement in the Strai...