17 times greater – that’s how much more global oil supplies have been impacted since the start of the war on Iran as compared to the war in Ukraine. The problem lies here: the strait of Hormuz.
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Global oil markets have recorded some of the biggest price swings in history this week after the US-Israeli war with Iran throttled the flow of Middle Eastern crude through the strait, which is one of the world’s most important trade arteries.
Fossil fuels remain the lifeblood of the world’s economy so when oil and gas prices rise, the effect ripples through almost every aspect of our financial lives.
The Guardian’s energy correspondent Jillian Ambrose explains how the conflict may affect your pocket
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