"The International Energy Agency (IEA) says it is the 'largest supply disruption in history'. With the disruption expected to have a lasting impact on prices, governments around the world have introduced measures to limit the impact on consumers and the economy."
"Petrol prices have reached an 18-month high due to rising global oil prices, according to motoring organisation the RAC. The government has said it is primed to step in if there are signs petrol sellers are profiteering from the crisis."
"China, the world's largest buyer of oil, has long braced for a supply shock in the Gulf by stockpiling oil. Over the years, Beijing has taken advantage of lower crude prices and an abundance of supply from Gulf states to build one of the world's largest oil reserves."
The conflict in Iran has led to the closure of the Strait of Hormuz, affecting 20% of global oil and gas supplies. The International Energy Agency describes this as the largest supply disruption in history. Governments are taking steps to alleviate the impact on consumers, with the IMF recommending energy demand management strategies. In the UK, petrol prices have surged to an 18-month high, prompting government readiness to intervene against potential profiteering. Low-income households have access to financial support, and discussions are ongoing regarding aviation industry support amid fuel supply concerns.
Read at www.bbc.com
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