Oil Hits $104 a Barrel — Petrol Prices Could Hit New Highs
British motorists are staring down the barrel of the most expensive petrol prices ever seen at UK pumps. The ongoing Iran conflict has pushed Brent crude past $104 a barrel, a peak not seen since late 2023. Financial giant Goldman Sachs warns prices could soar to $150 a barrel by April if tensions don’t ease. Some traders even predict a jaw-dropping $250 a barrel in the worst-case scenario.
The record UK petrol price stands at 191.5p per litre — a threshold that’s now dangerously close. Diesel prices have spiked 8.6p in just one week, hitting a 16-month high at 150.97p per litre. Petrol jumped nearly 5p in a single day, averaging 137.51p.
Experts Warn of Petrol Pumps Charging Over £100 to Fill Up
Howard Cox, boss of FairFuelUK, sounded the alarm: “If oil goes past $100 a barrel, petrol and diesel could jump 10p to 20p per litre within weeks.”
Tehran retaliated with strikes on Gulf oil-producing nations. Kuwait slashed output and declared force majeure. Fires broke out in the UAE’s Fujairah oil zone. Saudi Arabia intercepted a drone targeting its Shaybah oil field.
Political Reactions: Trump Dismisses Surge as ‘Small Price to Pay’
As crude topped $100 for the first time in four years, former US President Donald Trump took to Truth Social, calling the spike “a very small price to pay” for tackling Iran’s nuclear threat.
White House press secretary Karoline Leavitt dubbed it “a short-term disruption for long-term gain.” Meanwhile, French President Emmanuel Macron urged Iran to reopen the Strait of Hormuz.
UK Faces Additional Blow with Planned Fuel Duty Hikes
To rub salt in the wound, British drivers face extra hikes in fuel duty. Labour plans to raise duty by 1p this September, then 2p in December, and another 2p next March.
Shadow Chancellor Sir Mel Stride slammed the plan: “With the Middle East on fire, Rachel Reeves must scrap fuel duty rises now.”
UK Gas Reserves Low but Stable
UK’s gas storage holds less than two days’ supply—yet National Gas insists this is normal for the season.
With oil prices skyrocketing and tensions boiling over, UK drivers could be in for a painful squeeze at the pumps this year.
