News Summary

• Petrol and diesel costs have risen rapidly in most countries.
• The wholesale price of natural gas - used for heating homes - has almost doubled in the UK and Europe since July.
• There are growing concerns of another inflationary shock on the world economy.
• This could cause interest rates to rise, increase mortgage costs and raise the price of almost everything in the shops including food.
• So what is behind this latest surge - and what are the implications for the global economy?
• Petrol, diesel and gas prices are rising.
• The global oil price is currently above $108 (£80) per barrel, up from $70 (£52) in June 2026 - a roughly 50% increase.