US imported fuel costs rise 20% amid Hormuz disruptions

US imported fuel costs reached a four-year high in April, data released Thursday by the US Bureau of Labor Statistics showed.

 

Expectations had pointed to only a 1% monthly increase in the import price index, while the annual rise in the index marked the highest level since October 2022.

 

The war in the Middle East disrupted shipping traffic through the Strait of Hormuz, driving up energy prices and other commodities, including fertilizers and aluminum, as imported fuel prices posted their strongest increase since March 2022.

 

Change in US Import and Export Prices (April 2026)

Index

April 2026

March 2026

April 2025

Import Prices (YoY)

4.2%

2.1%

0%

Fuel Import Prices (YoY)

20%

(6%)

(11.9%)

Import Prices (MoM)

1.9%

0.9%

0.1%

Fuel Import Prices (MoM)

16.3%

10%

(2.6%)

Export Prices (YoY)

8.8%

5.6%

1.9%

Export Prices (MoM)

3.3%

1.5%

0.1%
 

Why does this matter?


These figures reflect the significant impact of the Middle East conflict and the disruption of navigation through the Strait of Hormuz on inflation in the world’s largest economies. This is likely to reinforce expectations that the Federal Reserve will keep interest rates at restrictive levels.

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