The smoke rising from the Kapotnya oil refinery to the south-east of Moscow marks one of Ukraine’s biggest air raids on the Russian capital since the start of the war, and the latest salvo in an energy crisis that threatens to affect households and businesses across the globe.

More than 1,500 miles away, British motorists are braced for the ripple effect from that conflict, and the US-Israel war on Iran. Average UK diesel prices are expected to reach record highs within days – while across Europe and the US, pump prices have already surpassed all-time highs.