Oil Prices Surge: British Drivers Face Higher Petrol Costs

0:00On March 2nd, oil prices are surging after recent U.S. and Israel strikes on Iran, and that means higher petrol costs for British drivers in the coming weeks. The price per barrel jumped from below $70 on Friday to $78 by Monday, a 9% rise since Sunday night. Experts warned it could climb to $100 if tensions drag on. The Middle East supplies much of the world's oil, and the trait of Hormuz near Iran handles about a fifth of global trade, or 21 million. Barrels a day, any blockage there could spike prices even more. It usually takes around two weeks for crude oil hikes to reach U.K. pumps, and the pounds shrank against the dollar plays a role too. Motorists could soon face steeper bills, along with higher electricity costs and broader inflation. While some say shipping routes can adapt to keep trade flowing, the situation stays volatile, so keep an eye on those four-core prices as this. Unfold.