Middle East Tensions Send Oil Costs Soaring Above $100

Fuel prices are surging across Europe as renewed tensions in the Middle East send oil costs soaring above $100 per barrel. The price spikes began after the United States and Israel launched strikes against Iran at the end of February, triggering armed conflict.

A peace agreement reached in June temporarily reversed the upward trend, but subsequent missile launches and attacks near the Strait of Hormuz have reignited market pressures. The strait, a 38-kilometer passage through which approximately one-fifth of the world's oil supply transits, has been effectively closed by the tensions.

This disruption has isolated Middle Eastern energy exports and forced hundreds of ships to anchor, driving wholesale costs sharply higher. UK motorists are now paying an average of 156.19p per litre for petrol and 173.15p per litre for diesel, with prices rising by 0.62p per litre daily for petrol and 1.01p daily for diesel.