UK Fuel Prices Soar Amid Middle East Tensions

0:00On March 14, long lines are snaking around petrol stations across the UK as drivers rush to fill up amid fears of even higher fuel costs from a now escalating Middle East tensions. The panic kicked off after a U.S. military strike hit Iran's key oil export island of Kharg, where most of the country's crude flows out. Global oil prices have jumped more than 40 percent since the conflict began on February 28. In Trafford Park near Manchester, photos from March 14 show dozens of cars queued up at the Costco station in Stretford. UK petrol prices have climbed over 10 pence per liter on average, pushing the cost of unleaded past 140 pence per liter nationwide. That means British motorists are shelling out an extra 12.9 million pounds a day so far, with estimates pointing to 15 million. Downs daily as prices keep rising, diesel has gone up nearly 9 percent, while petrol is about 6 percent higher since late February. Chancellor Rachel Reeves is pushing the competition watchdog to clamp down on any price gouging, and they've already worn major retailers to hand over sales data or face scrutiny.

1:08The government is urging drivers to use its fuel finder tool to shop around and beat the hikes.