How spiking oil prices are affecting countries around the world

Countries are taking intense measures to try to preserve fuel reserves amid the blockade of the Strait of Hormuz

Anton Petrus / Getty Images

Oil prices are spiking worldwide as the U.S.-Israeli war against Iran continues, blocking access to the Strait of Hormuz, through which around 20% of the global oil supplies flow.

In the U.S., a national gasoline average hit $3.99 a gallon Monday, the highest price since the summer of 2022, according to AAA. Diesel reached $5.42 a gallon, a more than 40% spike from its pre-war prices.

But the energy crisis is proving to be much more dire abroad — at least for now.

We’ve compiled how a few different countries are responding and the consequences of the global oil price spike.

Bloomberg / Contributor / Getty Images

Egypt relies on oil to power its electric grid, and the........

© Quartz