Explained in plain English

Why does oil cost more?

Increased global demand, coupled with supply disruptions or geopolitical tensions in major oil-producing regions, can drive up crude oil prices. When the Strait of Hormuz, a vital shipping lane, faces threats, the market reacts by pushing prices higher.

Stories that explain this

Pound gives up ground as oil climbs

Related explainers

Will my mortgage go up? Why are things more expensive? What about non-prescription costs? Will all vapes cost more? What is a barrel of oil? What are borrowing costs? Why do borrowing costs matter? Why are borrowing costs rising?

The full catalogue

Browse every card filed under O →