How escalating Saudi oil crisis could drive up prices everywhere
Summary
Global oil and gas prices have risen sharply due to conflicts in the Middle East, especially attacks near key shipping routes used to transport energy supplies. This has caused higher fuel costs in many countries and raised concerns about inflation and increased living expenses worldwide.Key Facts
- The price of oil is over $108 per barrel, up from $70 in June 2026, a 50% increase.
- UK petrol prices have risen to above 170 pence per litre, the highest since 2022.
- Natural gas prices in the UK and Europe have nearly doubled since July.
- The cost of petrol in the US rose from $3.80 to $4.32 per gallon since July 2026.
- Diesel prices in the US reached a record high of over $6 per gallon.
- Conflict between Yemeni Houthis and Saudi Arabia caused attacks that closed a major Saudi pipeline used to export oil.
- The Strait of Hormuz, a critical oil shipping route, saw a reduction from 21 million to about 8.6 million barrels per day of oil passing through due to regional conflicts.
- There are concerns about further disruptions in the Bab al-Mandab Strait and the Red Sea, both important oil transit points.
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