UK Fuel Prices Hit 3-Year High on Middle East Tensions

Rising fuel prices in the United Kingdom have reached their highest levels in nearly three years, driven by escalating tensions in the Middle East, prompting financial expert Martin Lewis to offer practical advice for motorists seeking to mitigate costs.

Petrol prices climbed to an average of 142.62 pence per litre this week, while diesel reached 162.66 pence per litre, according to the RAC. These increases, ranging from 9.8 pence to 20.3 pence per litre, follow a surge in global oil prices to 117 dollars per barrel, nearing the 119-dollar peak seen after Russia's invasion of Ukraine. The recent US-Israeli military actions in Iran have disrupted oil production and shipping routes, contributing to the volatility in energy markets. Analysts, including Tobias Federico of Montel Analytics, predict that wholesale gas prices could double to around 300 pence per therm in the UK over the next three months, potentially exacerbating household energy bills alongside fuel costs.

In a recent episode of his ITV programme, The Martin Lewis Money Show Live, the Money Saving Expert founder urged drivers to use cashback credit or debit cards for fuel purchases instead of cash. "Get paid to pay...