The RAC issued a new alert on Friday, urging drivers to do two things before they fill up with petrol or diesel. The motoring organisation gave its latest update on where petrol and diesel prices sit as of the end of the working week.
It said that petrol had risen by an average of 0.6p per litre over the past week, to an average of 157.6p - its highest level since April 20 and just 1p off its peak since the Iran war sent oil prices soaring.
Diesel, meanwhile, is still seeing a fall. The average price on Friday was 188p per litre, around 3.5p off its post-war peak.
The situation between the US, Israel and Iran remains fragile and volatile. A shaky ceasefire is said to still be in place despite exchanges of fire over the past 24 hours.
Fire has been exchanged in the Strait of Hormuz, which has been the focal point of rocketing oil prices, which in turn have left UK drivers facing huge increases in costs at the pump since hostilities began at the end of February. Petrol has shot up by more than 20p per litre and diesel around 50p.
Around 20% of the world's oil passes through the Iran-controlled strait, with little having done so over the past two months or more. The knock-on effects have sent shockwaves through the global economy.
RAC senior policy officer Rod Dennis said: “Petrol prices have risen by 0.6p in the last week to an average of 157.6p, their highest level since 20 April and less than 1p off the peak since the war in Iran began. The situation for drivers of diesel vehicles is a little better, with prices still falling - albeit very slowly - to 188p, around 3.5p off the highest price last month of 191.5p.
“The oil price has remained very volatile this week, but what we can be sure of is that only a sustained lower oil price, over a matter of weeks and not just days, will be enough to guarantee drivers pay less when they fill up. We strongly recommend drivers shop around for fuel and make use of free tools such as the myRAC app to never pay a penny more for fuel than they need to.”
US President Donald Trump played down the exchange of fire on Thursday, calling the US strikes a “love tap” in a phone call with ABC. But he reiterated threats to resume full-scale bombing if Iran does not accept an agreement to reopen the strait and roll back its nuclear programme.
Iran’s Foreign Ministry said the US strikes were a “clear violation” of the ceasefire. Tehran had previously said it was examining the latest US proposals for ending the war delivered via Pakistan, which is mediating.
The US military said it had intercepted Iranian attacks on three navy ships in the Strait of Hormuz late on Thursday and “targeted Iranian military facilities responsible for attacking US forces”. The US military said none of its ships were hit.
Iranian state media said the country’s forces exchanged fire with “the enemy” on Qeshm Island in the strait. It also reported loud noises and continuous defensive fire in western Tehran late on Thursday.
Iran’s Foreign Ministry issued a statement condemning what it called “hostile” US military action against two Iranian oil tankers near the Iranian port of Jask and the strait, as well as strikes on nearby coastal areas.