💨 Abstract

Oil prices have surged to over $100 per barrel due to ongoing conflicts in the Middle East, particularly affecting the Strait of Hormuz. The UK faces significant risks, with limited gas storage and high wholesale gas prices. Experts warn of potential economic impacts similar to the 1973 oil shock, including job losses and industry shutdowns. Panic buying of petrol is exacerbating shortages. Global energy markets are interconnected, meaning supply disruptions in the Gulf affect prices worldwide.

Courtesy: Sarah Hooper