Oil Prices Surge to $100 as UK Faces Volatile Fuel Market
Oil prices have surged to $100 per barrel for the first time since May, driven by strikes between Iran and the US. The increase has put pressure on drivers in the UK and EU, who are already facing high fuel costs.
According to Colin Walker, Head of Transport at the Climate & Intelligence Unit (ECIU), 'Oil bouncing back to $100 a barrel is a reminder of the UK's vulnerability to volatile oil markets.' He notes that drivers have faced elevated prices for months and this trend looks set to continue or worsen.
Meanwhile, sales of new electric cars and demand for second-hand EVs are surging. Walker cautions that weakening electric car sales targets could reverse the fall in upfront prices for EVs and incentivize manufacturers to sell more hybrid vehicles, which may not offer the claimed savings.