The global benchmark Brent crude oil price briefly hit $119 (£90) per barrel on Tuesday, 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.
The global benchmark oil price is a contract to buy a barrel Brent crude one month from now. Its price pushes up the price of car fuel in turn, as oil is a key ingredient.
