#845 Is this the beginning of higher petrol prices?

Oil prices keep climbing, and it’s hitting wallets hard. In fact, Rahman says his petrol jumped from $2.60 to $3.40 per litre, which works out to nearly a $100 increase per tank. The surge comes amid the ongoing US–Israel conflict with Iran, with Tehran tightening control over the Strait of Hormuz, a key global oil route. Some believe things may stabilise after the US midterm elections in November, but that’s still months away. Back home in Singapore, leaders have said we have reserves for “rainy days”, so the question is, why does it feel like we’re the ones footing the bill right now?