Oil prices have surged near $100 a barrel following renewed US attacks on Iran and Houthi strikes on tankers in the Red Sea, pushing UK fuel costs higher. The average price of petrol in the UK rose to 155.57p per litre, up from 150.59p on 6 July, according to the RAC. Diesel reached 172.14p, reversing earlier declines when a US-Iran truce seemed possible.
Why Oil Prices Are Climbing
The escalation began with 12 consecutive days of US strikes on Iranian targets, followed by Houthi attacks on Saudi oil tankers in the Red Sea. These events shattered hopes for near-term peace and sent Brent crude prices up $4.50 to $98.88 on Thursday, just shy of the $100 mark not seen in nearly two months.
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Impact on UK Drivers
Simon Williams, head of policy at the RAC, warned that fuel prices are "shooting up like a rocket." Diesel increased almost 8p (5%) to 172.14p per litre in a fortnight, while petrol rose 5p (3%) to 155.57p. If petrol climbs to 160p, it would surpass the Iran war high of 159.53p recorded on 28 May. Unless the conflict ends soon, UK drivers face stinging summertime pump prices.
Price Comparison: Before and After Conflict
| Fuel Type | Price Before Conflict (6 July) | Current Price | Change |
|---|---|---|---|
| Petrol (per litre) | 150.59p | 155.57p | +4.98p (+3.3%) |
| Diesel (per litre) | ~164p (low point) | 172.14p | +8.14p (+5%) |
Key Takeaways
- Oil prices near $100 barrel due to US-Iran and Houthi attacks.
- UK petrol up 5p, diesel up 8p in two weeks.
- If petrol reaches 160p, it will break its Iran war record.
- Drivers face continued price hikes unless conflict de-escalates.
- Other business news: Google fined €890m, Ford-Geely deal, EasyJet profits hit.
FAQ
What caused oil prices to rise near $100?
Renewed US air strikes on Iran for 12 consecutive days and Houthi attacks on Saudi oil tankers in the Red Sea disrupted supply expectations, driving Brent crude to $98.88 per barrel.
How much have UK fuel prices increased?
UK petrol rose to 155.57p per litre (up 5p from 6 July), while diesel climbed to 172.14p (up nearly 8p in a fortnight).
Will petrol prices exceed the Iran war high?
If petrol reaches 160p per litre, it would surpass the previous Iran war peak of 159.53p seen on 28 May. The RAC warns this is likely unless the conflict ends soon.
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