Global Oil Prices Rise Amid US-Israeli War with Iran

The UK is facing a surge in oil prices due to the ongoing conflict between the US and Iran. The longer this conflict continues, the more significant the impact on the global economy.

According to reports, the chancellor, Rachel Reeves, will hold a call with fellow G7 finance ministers to discuss the economic impact of the war. This comes as oil prices have surpassed $100 a barrel for the first time in four years, causing concern across the markets.

The haulage industry and drivers are particularly affected, with average petrol and diesel prices rocketing in the last week. It is estimated that unleaded petrol will reach an average of 140p per liter in the next week, while diesel is likely to climb to at least 160p per liter.

To mitigate the situation, drivers are advised to continue filling up as normal but to shop around for the best prices.