Maritime fuel prices have recorded a historic surge as a consequence of the conflict that started on February 28 in the Middle East, with increases that have practically doubled the quotations in just three weeks and far exceed the increase experienced by fuels used in road transport.
According to data concerning the 20 major supply ports in the world, between February 27 and March 24, 2026, the IFO 380 rose from $463.0 to $821.5 per ton; the MGO, from $797.5 to $1,568.5 per ton; and the VLSFO, from $543.5 to $974.5 per ton. All three products have accumulated increases of between 80% and 90% during that period. Furthermore, the IFO 380 and the MGO have reached historic highs, even exceeding the levels recorded during the sharp spike of 2008 and during the energy crisis associated with the war in Ukraine.
The comparison with land fuels highlights the uniqueness of the shock that is shaking the maritime market. According to the Weekly Oil Bulletin from the European Commission, between the week of February 23 and the week of March 16, 2026, the retail price of diesel in Spain rose by 29.1% and that of 95 octane gasoline by 16.1%. Even discounting the tax burden, the increases—42.9% and 26.4%, respectively—are far below those recorded for maritime fuels.
The consequences for shipping companies are immediate. Fuel constitutes a substantial part of the operating costs of ships and, in numerous traffics, it represents more than 50% of the total, which makes companies especially vulnerable to a price increase of this magnitude.
