According to the Trump administration, oil flows through the Strait of Hormuz, despite threats from Iran, have now recovered to around 80 percent of the levels recorded before the US and Israel launched their bombing campaign against Iran at the end of February this year.
But oil inventories around the world are low, and any disruption to supply has major effects.
The price of North Sea oil has risen by just over 80 percent since the start of the year, and diesel prices have more than doubled.
European fossil gas prices have also skyrocketed, rising from 30–40 euros at the beginning of the year to 90 euros per megawatt hour.
