“Hamad Hussain, who covers climate and commodities for the consultancy Capital Economics, warned recently: “If the strait remains effectively closed and commercial oil inventories in the OECD continue to be run down at the same pace as they were in April, oil stocks could reach critically low levels by the end of June.””

“The US has been relatively insulated from the impact of the oil shock, as a net exporter of crude since the shale boom.”

“Research by Prof Jeff Colgan, at Brown University, suggested last week that consumers have paid an extraordinary $40bn (about £30bn), or $300 per household, in additional gasolene costs since the war began.”