Oil & Gas industry

For every $10 rise in oil prices, motorists face paying roughly 7p per litre more in the UK.

It comes as countries across the region are taking various measures to weather the soaring cost of fuel.

The treasury secretary says the move will quickly bring about 140m barrels of oil to global markets.

Kyiv and Budapest disagree on how badly damaged a hub in western Ukraine bombed by Russia really is, as its oil flow remains suspended.

People should change how they travel, work and cook to tackle the energy price crisis, the International Energy Agency says.

Analysts fear the disruption to supply could continue for longer than initially thought.

India was a major buyer of Iranian crude, peaking at about 11.5% of its total purchase, before 2018 sanctions tightened.