Petrol prices to rise as oil hits record high

Brian O’Mahony, Chief Business Correspondent

The latest increase follows growing political uncertainty in Saudi Arabia and the US decision to close its embassy there. The US said the closure of its diplomatic base in Riyadh and consulates in Jiddah and Dhahran was “in response to a threat against US government buildings”.

It comes less than a week after the death of King Fahd The US said the closure of its diplomatic base in Riyadh and consulates in Jiddah and Dhahran was “in response to a threat against US government buildings”.