UAE: Impact of Israel-Iran Conflict: Petrol Prices and Flight Tickets
The ongoing conflict between Israel and Iran may not directly affect UAE residents, but it is expected to lead to indirect consequences, including increased petrol prices, higher costs for gold jewellery, and elevated airfare to certain destinations.
As oil prices surged by 14% following recent military actions, petrol prices in the UAE are likely to rise in July.
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The country has seen a steady alignment of petrol prices with international rates since deregulation in 2015, and this latest spike could prompt higher prices for motorists next month.
Gold prices have also risen, jumping nearly Dh5 per gram since the conflict escalated, reaching Dh413.5 per gram for 24-karat gold. This increase may deter residents from purchasing gold jewellery during the summer travel season.
Air travel is facing disruptions, with approximately 3,000 flights affected daily due to cancellations and rerouting as airlines suspend flights to regions involved in the conflict.
This situation could lead to higher airfares in the short term once normal travel resumes.
Additionally, prices for consumer goods imported from conflict-affected countries may rise due to supply chain disruptions, impacting items such as fruits, vegetables, and other goods from Iran, Iraq, and Syria.
As tensions continue, residents are advised to prepare for potential increases in living costs.
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