Oil Prices Soar Above $100 a Barrel Amid Escalating Iran War Tensions
UK drivers are facing rapidly rising fuel prices due to the surge in oil prices above $100 a barrel. The escalation of the Iran war has led to increased tensions and concerns over global oil supplies.
Petrol prices have climbed by 4.4p a litre since September 1, while diesel is up 4.1p, according to the AA. The latest figures show petrol averaged 166.2p a litre at UK forecourts on Tuesday (08.09.26), with diesel reaching 187.7p.
The increase in oil prices was triggered by US officials saying multiple Iranian oil tankers had been struck in response to further attempted missile attacks on a US Navy warship. Brent crude briefly broke through $100 a barrel on Wednesday morning for the first time since late July.
Richard Hunter, head of markets at Interactive Investor, warned that 'the outlook in the Middle East has recently worsened once more, with any signs of detente looking elusive.'