Online Reporter
Sikhulekelani Moyo
THE Confederation of Zimbabwe Industries (CZI) has said the United States of America-Israeli conflict against Iran has had mixed implications on Zimbabwe’s economy, pushing prices for oil-based products and gold, the country’s single largest export.
This comes after the Zimbabwe Energy Regulatory Authority (ZERA) increased fuel prices twice this month due to rising global oil prices driven by supply chain disruptions linked to the ongoing United States-Israeli conflict against Iran.
Tensions in the Middle East have disrupted the passage of tankers through the Hormuz Strait, a key maritime route that handles about 20 percent of global oil supplies.
Iran has threatened to mine the waterway, attack regional infrastructure and intercept shipping in response to US and Israeli actions, including threats against Iranian power plants.
In its latest pricing update for March 2026, ZERA set the diesel price at US$2,05 per litre and petrol (E5 blend) at US$2,17 per litre, equivalent to ZiG52,19 and ZiG55,13, respectively.
The energy regulator said the adjustments were necessary to reflect mounting cost pressures on the international market while safeguarding local fuel availability.
As of late March 2026, the Middle East conflict has driven global oil prices over
US$100 to US$113+ a barrel (Brent crude), up from around US$70 before the conflict began, marking a significant surge due to supply disruptions in the Strait of Hormuz.
The disruption, described as a historical crisis surpassing the 1970s shocks, has also cut liquefied natural gas (LNG) flows by roughly 20 percent. Prices jumped from US$10 to over US$30 per Metric Million British thermal unit (MMBtu).
In a statement, CZI said energy markets have been the most immediate casualty of the conflict.
