"Petrol prices may exceed the previous UK high of 191.5p per litre, which was reached during the global energy crisis sparked by Russia's invasion of Ukraine in 2022. Experts warn that crude oil prices could soar to $150 a barrel by the end of the month, significantly higher than the approximately $116 peak observed during the Ukraine conflict."
"Some oil traders have issued even more alarming warnings, suggesting that crude prices could spike to as high as $250 per barrel if the conflict escalates significantly or major supply routes are disrupted. Markets are particularly concerned about the risks to shipping through the Strait of Hormuz, a narrow passage responsible for approximately 20% of the world's oil supply."
"If oil surpasses $100, it could add 10-20p per litre to petrol and diesel within weeks. A prolonged surge in oil prices could have severe repercussions for the wider economy."
Escalating tensions involving Iran are driving crude oil prices upward, threatening a new cost-of-living crisis in Britain. Brent crude has risen above $104 per barrel, with experts warning prices could reach $150 by month's end, and some traders suggesting potential spikes to $250 if conflict escalates. Petrol prices may exceed the 2022 Ukraine crisis peak of 191.5p per litre, while diesel has already climbed 8.6p in a week to 150.97p. Filling a typical family car could cost over £100, matching 2022 peaks. The Strait of Hormuz, handling 20% of global oil supply, faces particular risk. Campaign groups warn that further crude increases could add 10-20p per litre within weeks and severely impact the broader economy.
Read at London Business News | Londonlovesbusiness.com
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