As the U.S.-Israel war on Iran escalates, so too does the global oil crisis.
The effective closure of the Strait of Hormuz, through which roughly 20% of the world’s oil and natural gas flows, and the targeting of oil production facilities in the Middle East have lifted the oil price by 34%.
The price of Brent crude — the global benchmark — now sits at more than US$100 a barrel.
This means the cost of the many products derived from crude oil, such as petrol or gasoline, has also surged.
But how does crude oil become the fuel you pump into your car?
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