US strikes on Iran, Hormuz blockade raise oil to $100
Business
Oil prices jumped to $100 a barrel after US strikes on Iranian sites, with the ongoing blockade of the Strait of Hormuz disrupting millions of barrels of Gulf exports.
Prices are still 38% higher than they were before the conflict started in February, making fuel more expensive for everyone.
Global oil reserves running low
Global oil reserves are running low, and emergency stock releases aren't keeping up. With summer travel demand picking up, shortages could get worse.
In Europe, gas reserves are only at 37%, way below average, so energy bills and gasoline prices in places like the UK have already shot up since February.