Surge in energy prices causing rationing and closure of petrol pumps in import-dependent South Asia

Rolling coverage of the latest economic and financial news

Oil prices have seen their biggest weekly increase in six years while experts warn energy bills could rise by 10 per cent in July

Warnings issued that oil and gas production in the Gulf could be halted entirely in the coming days, as commodity prices and stock markets are being hammered

Disruption in the Strait of Hormuz is halting oil trade and hiking prices

Gulf Arab oil producers are cutting production as they run out of storage space because they can't export through the Strait of Hormuz

The Strait of Hormuz, through which roughly one-fifth of the world's oil and liquefied natural gas typically passes, is virtually shut.

Crude oil prices surge more than 20 percent as sprawling regional conflict threatens global energy supplies.

Surge in energy prices causing rationing and closure of petrol pumps in import-dependent South Asia

President Donald Trump tried to downplay concerns about rising U.S. gas prices

Energy bills rising is an inflationary pressure the UK’s economy could do without

Oil prices drop to $87.80 amid IEA's emergency talks and focus on the critical Strait of Hormuz amidst ongoing conflict.

Oil prices have eased after they shot up earlier this week in response to the conflict

The conflict in Iran has halted shipments through the Strait of Hormuz and pushed the price of oil and gas sharply higher.