Britain is on alert for a fuel price surge as catastrophic new war fronts in the Middle East threaten shipping and oil around the world.
Last night Saudi Arabia shut down its East-West pipeline after it came under aerial attack, potentially from Iranian-backed terrorists in Iraq.
The 745-mile-long pipeline running across the whole country had helped the Saudis to bypass the chaos in the Strait of Hormuz, where tanker traffic has slowed to a trickle due to the war between the US and Iran.
But on Thursday morning, it was hit from above - with the resulting miles-high smokestacks visible from space. Global oil prices have risen above $100 (£74) per barrel once again as a result, just days after unleaded petrol prices rose in the UK by 5p a litre in the space of a week, according to the RAC, which warned there was "no sign of any relief".
Fuel prices have soared since the war with Iran began at the end of February, with the fighting severely disrupting supplies of crude oil - a key ingredient in petrol and diesel - across the Middle East.
While the price of Brent is still below its April peak of $120, it's still far above the $70 it was trading at before the conflict started. Meanwhile, the Iran-backed Houthi rebels, which battled the Royal Navy more than two years ago, are now reemerging as a force to be reckoned with, and could soon have the power to shut off the Red Sea.
If they do so, ships hoping to travel from Europe to Asia and vice versa would have to sail around the whole of Africa, increasing shipping costs around the globe.
FULL ARTICLE AT: https://www.gbnews.com/lifestyle/cars/fuel-price-fears-saudi-arabia-houthis-iran-war
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