China’s oil demand reduction

Why fuel prices may go higher still

<figure><img src="https://images.theconversation.com/files/762315/original/file-20260925-50-ci5zbw.jpg?ixlib=rb-4.1.1&rect=0%2C0%2C5000%2C3333&q=45&auto=format&w=1050&h=700&fit=crop" /><figcaption><span class="caption">Oil-related prices are high, but poised to go even higher.</span> <span class="attribution"><a class="source" href="https://www.gettyimages.com/detail/illustration/businessman-levitating-on-market-trend-in-royalty-free-illustration/1487540755">Afry Harvy/iStock / Getty Images Plus</a></span></figcaption></figure><p>If you think your energy costs are high now, the situation may be about to get a whole lot worse.</p> <p>With traffic in the Strait of Hormuz – normally the primary route for oil leaving the Middle East – <a href="https://hormuzstraitmonitor.com/">hovering below 15% of prewar levels</a>, oil prices have <a href="https://www.marketwatch.com/investing/future/cl.1/charts?mod=mw_quote_advanced">increased from US$65 a barrel</a> before the