The average price of unleaded petrol has risen by 5 pence per litre in the last week, marking the most significant weekly increase since April, according to the RAC. Motoing organisation data indicates that a litre of unleaded now costs 167.17 pence, while diesel prices have also climbed by 5 pence to 188.63 pence. Fuel prices have seen a sharp increase since the conflict between the U.S. and Iran began in late February. Hostilities have disrupted crude oil supplies, a critical component for petrol and diesel production, across the Middle East. The global benchmark for oil, Brent crude, has surpassed $100 a barrel for the first time since July as tensions escalate. This price is considerably higher than the $70 it traded at before the conflict commenced, though still below the $120 peak reached in April. Recent escalations include U.S. forces striking five Iranian tankers following Tehran's targeting of a U.S. warship. Additionally, Yemen's Houthi movement, which is backed by Iran, has launched attacks on oil facilities in Saudi Arabia. Mobilizing refinery operations for global supply chains can be complex. "An aerial view shows vapour rising from a refinery at BP's largest crude oil processing facility in the world, taken in Indiana on 8 September."
UK Fuel Prices Surge Amid Escalating Middle East Tensions
Motorists face the steepest weekly increase in petrol costs since April as oil prices climb due to conflict in the Middle East.