Oil prices climb over $100 per barrel as US war in Iran continues

The average price of unleaded petrol in the UK has surged by 5p per litre in just one week, according to the RAC motoring organisation. This marks the largest weekly increase since April 2024, with a litre now costing 167.17p. Diesel prices have also jumped by 5p to 188.63p per litre. This dramatic rise comes as a result of the ongoing conflict between the US and Israel on one side, and Iran on the other, since February.

The war has disrupted oil supplies in the Middle East, leading to a significant jump in global oil prices. Brent crude, the global benchmark for oil, has returned to $100 a barrel for the first time since July, following an escalation in hostilities. While this is still below the $120 per barrel seen in April, it remains much higher than the $70 per barrel price before the war started.

RAC senior policy officer Rod Dennis warned that the latest increase would make filling a family car £2.75 more expensive over the past week alone. This exposes drivers to the far-reaching impacts of events thousands of miles away. With the average oil price averaging $96 per barrel over the past week, wholesale fuel prices are surging and drivers are feeling the pinch at the pump.

Dennis advised motorists to drive efficiently and seek out the cheapest fuel stations they can find.