In response to a series of attacks on cargo ships by Houthi rebels, energy giant bp has announced a temporary suspension of all shipments of oil through the Red Sea.
The rebels have targeted vessels they suspect are headed for Israel, prompting heightened security concerns in the region.
As of Monday, oil prices were already reflecting the uncertainty, with the international benchmark Brent trading up 2.6% to almost $79 (£62.3) a barrel.
Motorists are now bracing for the potential ripple effect on fuel prices at the pumps over the next week or two, according to analysts.
Philip Shaw, Chief Economist at Investec, said: “You would expect the increase in oil prices to go through to the pumps over the next week or two.”
