Crude oil prices have surged in global markets after joint military strikes by the United States and Israel on Iran triggered broad geopolitical and market instability, but Nepal’s petroleum supply remains stable for now, officials said.

International energy markets are facing one of the most serious shocks in decades after the weekend strikes and subsequent regional retaliation disrupted exports from the West Asia, a key oil‑producing region that supplies roughly 20 percent of the world’s crude, Reuters reported. Benchmark Brent crude jumped about 10 percent to near $80 a barrel, and analysts warned prices could climb as high as $100 per barrel if disruptions continue, the report said.

In Nepal, the Nepal Oil Corporation (NOC) said the international price rise has not translated into a domestic price increase yet. NOC Managing Director Chandika Prasad Bhatta said petroleum supply is sufficient and distribution will continue even during Holi and elections, urging the public against hoarding.

He said petroleum products are available under existing import arrangements with India, and there is no immediate shortage. NOC Deputy Managing Director Nagendra Shah noted that election‑related demand has increased consumption by about 5–10 percent, but daily imports continue to maintain adequate stocks.

Petroleum market expert Rabi Shankar Sainju said fuel prices in Nepal are reviewed every 15 days under bilateral agreements with India, and prices for the current period up to March 15 have already been fixed, meaning any future price change will be determined after that.

Most tanker owners and trading houses have suspended shipments through the Strait of Hormuz, a vital chokepoint for global oil flows, amid warnings and actual disruption to shipping routes. At least 150 tankers were reported anchored off the Gulf, unable to transit the strait. These market reactions reflect heightened supply risk and trader concern, Reuters said.

The conflict also led to volatility in currencies and risk assets, with investors seeking safe havens in gold and certain currencies as uncertainty deepened. Gulf state stock exchanges saw sharp declines and, in some cases, trading suspensions, while OPEC+ agreed to a modest production increase of about 206,000 barrels per day from April as a limited cushion against supply risks.