US-Iran Ceasefire Uncertainty Keeps Fuel Prices High

Oil prices have continued to rise despite an initial drop after the US-Iran ceasefire announcement. Brent crude oil prices rose to $99 on Thursday before dropping slightly after Israel and Lebanon announced they would enter direct talks.

The price of a barrel of Brent crude has jumped by 35% since the war began on February 28, which is contributing to higher fuel costs at the pump.

According to data from UK motoring group RAC, the average petrol price was 158.03p per liter and diesel was 191.11p on Thursday, both slightly higher than the previous day.

Drivers should not expect a big fall in pump prices soon, although rival group AA said wholesale fuel costs were now lower than they were at the start of the week.