Fuel prices in the UK have experienced a significant weekly increase, with unleaded petrol rising 5p per litre to an average of 167.17p, marking the largest weekly climb since April. Diesel prices similarly increased by 5p per litre to 188.63p. The motoring organisation RAC indicated that additional relief for consumers remains unlikely in the near term.
The escalation follows intensified hostilities in the US-Israel conflict with Iran, which commenced at the end of February. Military actions and regional tensions have disrupted crude oil supplies across the Middle East, creating supply constraints that ripple through global energy markets. Brent crude, the international pricing benchmark, returned to $100 per barrel for the first time since July after renewed fighting between US and Iranian forces. On Tuesday alone, US military operations targeted five Iranian tankers following Tehran’s attack on an American warship, while Yemen’s Houthi movement, backed by Iran, conducted strikes on Saudi Arabian oil infrastructure.
The current price of Brent crude, while elevated, remains substantially lower than the $120 per barrel peak reached in April but significantly exceeds the $70 level before the conflict began. RAC senior policy officer Rod Dennis emphasised the vulnerability of UK drivers to geopolitical developments occurring thousands of miles away. The 5p weekly increase translates to approximately £2.75 additional cost for filling a standard family vehicle.
Dennis noted that wholesale prices are surging as crude oil has averaged $96 per barrel over the past week, with these increases already reflecting at the petrol pump. The current petrol prices approach levels last seen in September 2022, though diesel remains slightly below the 191.54p maximum reached in April. The RAC advised motorists to optimise driving efficiency and seek out cheaper forecourt locations to manage fuel expenses.
Article Attribution | Read More at Article Source
Article summary produced by Claude AI