Summary
The price of Brent crude oil has risen to $119 per barrel, nearing its highest point since the US-Israel conflict with Iran began. The conflict has led to the blockage of a key sea route, impacting oil prices worldwide and causing fuel prices to rise. Countries are responding in different ways to the increase in oil costs.
Key Facts
- Brent crude oil price reached $119 per barrel, close to its highest since the start of the US-Israel conflict with Iran.
- Iran blocked the Strait of Hormuz, a vital passage for oil shipments due to US-Israel airstrikes on 28 February.
- Petrol prices in the US have risen to over $4 a gallon for the first time in nearly four years.
- In the UK, petrol prices have increased to 152.8p per litre, the highest in two years.
- The average diesel price in the UK rose to 182.77p, its highest level since December 2022.
- Jet fuel shipments to the UK from the Middle East have decreased, impacting airlines.
- European airline companies are taking measures like fare increases and flight cancellations to deal with higher fuel costs.
- The UK continues to receive jet fuel from countries like India, the USA, and the Netherlands.
