Heating oil prices.
Simply compared.Heating oil prices.
Simply compared.

What changed. Saudi Arabia restarted its East-West pipeline on Tuesday, the route that carries its oil around the Strait of Hormuz, after drone attacks shut it earlier this month. It is only pumping at a low rate so far, but crude fell to its lowest in two weeks on the news. The relief did not last. On Thursday a senior Iranian military figure warned that Iran could widen the war as far as the Indian Ocean if attacked, and crude jumped back above $106 a barrel.

Your next fill. At Fueltool's UK average on Thursday 24 September, a 1,000-litre fill costs about £1,170 including VAT. That is a little less than on Monday, and roughly £10 less than a week ago on the same basis. Fueltool's average eased on Tuesday and Wednesday, then edged back up on Thursday as crude rose.

The background. The summer's shortage of refined fuel has not gone away. UK heating oil is kerosene and follows the wholesale cost of jet fuel and diesel, which come from the same part of the refinery. Damage and disrupted exports in Russia and the Middle East mean too few working refineries, and diesel at European pumps hit a record high this month. The pound has also slipped to a three-month low against the dollar, which makes fuel bought in dollars dearer here.

What to watch. First, how quickly the Saudi pipeline gets back to full flow; a security source says that could take weeks. Second, whether European refiners can replace the October Saudi deliveries they were told they would not get. Third, whether this week's meeting between US and Iranian officials at the United Nations leads anywhere, or the threats grow.