UK Fuel Prices Hit Multi-Year Highs Amid Middle East Conflict

UK fuel prices have surged to multi-year highs in recent weeks, driven by the ongoing Middle East conflict that has disrupted global oil supplies, leaving drivers facing costs not seen since the early stages of the 2022 Ukraine war. The crisis escalated after Iran closed the Strait of Hormuz in late February, blocking a key route for about one-fifth of the world's oil and sending benchmark Brent crude prices above 100 dollars a barrel, with peaks reaching 120 dollars.

Average unleaded petrol prices have climbed from 132.9 pence per litre on February 27 to 147.19 pence as of mid-March, according to data from the RAC and the Department for Energy Security and Net Zero. Diesel has risen even more sharply, from 142.4 pence to 171.17 pence per litre, marking a three-year high. These increases mean filling an average family car now costs about 81 pounds for petrol, up 8 pounds since the conflict began, and 94 pounds for diesel, up 16 pounds. Projections from the RAC indicate petrol could exceed 150 pence per litre and diesel approach 180 pence within the next week, potentially making this Easter the most expensive for road travel in years.

The price spikes stem directly from the...