Getty ImagesThe global benchmark brent crude oil price has hit $119 (£90) per barrel, close to its highest since the start of the US-Israel war with Iran.
Responding to the US-Israel air strikes which began on 28 February, Iran has effectively blocked the Strait of Hormuz, a key passage for ships carrying oil.
Wholesale oil prices have surged since and car fuel prices have jumped to their highest in years.
Countries are responding differently to rising oil prices, with Australia making bus travel free while Egypt asks shops, restaurants, and cafes to close early to cut energy use.
In the US, petrol prices at the pump topped $4 a gallon in the US for the first time in nearly four years, according to the AAA motoring organisation.
In the UK, petrol has hit 152.8p a litre, its highest in two years and around 20p more than the start of the war, according to the RAC motoring organisation.
The average diesel price rose to 182.77p, its highest level since December 2022 and 40p more than at the start of the war.
RAC's head of policy Simon Williams said the price of petrol could stabilise "if the cost of oil doesn't increase further, although diesel still looks likely to rise".
Average energy bills in the UK are also forecast to rise an average of £288 a year from July for a typical dual-fuel household.
Airlines meanwhile have also been affected, as the price of jet fuel surges.
The last shipment of jet fuel in transit from the Middle East to the UK is due to arrive this week, according to data firm Vortexa.
The shipment, first reported by the Financial Times, is due to arrive on Thursday or Friday.
"In 2025 there were an average of eight cargoes en route from the Middle East to the UK at any one time, so having none en route is quite unusual," said Mick Strautmann, market analyst at Vortexa.
A UK government spokesperson said jet fuel shipments are continuing to arrive in the country.
"The UK receives imports of jet fuel from India, USA and the Netherlands as well as smaller amounts from a range of other countries," the spokesperson added.
However, Strautmann said while India has historically been a jet fuel supplier to the UK, "they are prioritising exports to Southeast Asia at the moment given very high prices and shorter distances".
"There have been some loads from West Africa, the US and to a smaller extent Netherlands and France heading to the UK, but overall volumes do not make up for the loss from the Middle East," he said.
George Shaw, senior insight analyst at Kpler, said the shipment arriving this week was loaded at a refinery in the Red Sea and did not pass the Strait of Hormuz.
"The last of the vessels that loaded jet fuel and passed the Strait of Hormuz will discharge into Europe this week," he said.
Among European airlines, Air France-KLM has said it plans to increase long-haul fares to counter higher fuel costs, while Scandinavian carrier SAS has raised prices and said it will cut 1,000 flights in April.
British Airways owner IAG has said it has no immediate plans to lift prices as it has hedged its fuel costs with contracts to buy fuel at a price fixed before the conflict began.
EasyJet has said ticket prices might rise towards the end of summer when its hedging deals expire.
