UK Fuel Prices Soar Due to Iran-US War

0:00On April 8th, UK drivers are filling the pinch at the pumps thanks to the US Israel War with Iran, kicking off on February 28th. wholesale oil prices shot up as missile strikes, and drone attacks, slowed energy production and shipping in the Middle East. Brent Crude jumped from $73 a barrel to over 110, pushing petrol and diesel costs higher, now averaging about 100, 58 pence per liter for petrol, and 191 for diesel. A temporary two-week ceasefire announced by President Trump on April 7th brought oil prices back under $100, but they're still way, above pre-war levels. Retailers insist they're not overcharging, though regulators are checking into it. Feeling a family car now costs over 13 pounds more, for petrol or 26 for diesel compared to before the fighting started. Motorists aren't alone. Most tolls using heating oil in rural spots or northern Ireland are hit hard too, with

1:00the government rolling out 53. Million pounds in support. Shell's boss warned of potential shortages in Europe back in March, and the international energy agency pushed ideas like working from home or carpooling to say fuel. Luckily, UK stocks are solid with over 90 days of imports. The big wild card is the straight of four moves. Iran agreed to reopen it temporarily, but talks of fees per tanker and damaged refineries mean prices won't. Drop quick. UK oil mostly comes from the US and Norway anyway, so global markets call the shots, and North Sea output gets shipped out for refining. Short-term, energy bills under the price cap stay steady till June, but July could sting if tensions linger. Iran might hit 4.5%, stalling interest rate cuts at 3.75% and hiking mortgages. Keep an eye on that straight piece there, could ease the wallet pain for all of us.