Fuel prices have ballooned since the U.S. and Israel started airstrikes against Iran. As of April 7, gasoline was up 40% and diesel up nearly 50% from six weeks earlier, before the strikes began ...

Oil prices have started to slip — but not necessarily for reasons that suggest a return to market normalcy. The International Energy Agency said Tuesday that “demand destruction” has begun to unfold.

The U.S. has exported over 280 million oil barrels over nine weeks, drawing down strategic reserves. Yet oil and gas prices remained elevated.

The average order of 500L is now 22% (£135) below the April peak, but prices are still well above pre-Iran crisis levels ...