The record
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- Crude oil has risen more than 50 percent since June, topping $108 a barrel, after conflict between Yemen's Houthis, Iran-aligned forces and Saudi Arabia disrupted global fuel supplies.
- The Houthi-Saudi clashes and US-Iran tensions have choked the Strait of Hormuz, which carried about 20 percent of the world's oil and liquefied natural gas before the fighting began.
- Saudi Arabia's East-West pipeline, its alternative export route, was shut after a drone attack on 11 September blamed on Iran-backed Iraqi militias, and repairs could keep it closed for up to eight weeks.
- Petrol, diesel and natural gas prices have jumped sharply, with UK petrol at 170 pence a litre and US diesel above $6 a gallon, both near or above levels seen after Russia's 2022 invasion of Ukraine.
- Economists warn sustained high fuel prices could raise global inflation, cut growth, push up interest rates and make everyday goods from food to fuel more expensive for households worldwide.
What to watch next
- Whether the East-West pipeline resumes quickly, as the US energy secretary claims, or stays shut for weeks for repairs.
- Progress towards a US-Iran peace deal, which analysts say could bring oil prices back down.
- Further Houthi attacks on Saudi facilities or expansion of their naval blockade in the Red Sea and Bab al-Mandeb strait.
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Named Saudi Arabia · Yemen · Iran · United States · Israel · Russia · Ukraine · Iraq · United Kingdom · Bank of England · Chatham House · Chris Wright · Donald Trump · Houthis · International Monetary Fund · Kpler · Neil Quilliam
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