The rise in fuel prices since the start of the Middle East conflict has nearly reached a standstill, new figures show. Average pump prices at UK forecourts increased for the 43rd consecutive day on Monday to reach 158.3p per litre for petrol and 191.5p per litre for diesel, the RAC said. But that means prices have increased by less than a penny since Thursday.
Prices of both fuels shot up when the latest conflict began. A key reason was the stranglehold being put on the Strait of Hormuz, a key waterway in terms of oil movements for global markets.
A ceasefire that came into force last week between the US and Iran led to a drop in oil prices and hope that the relentless rises at UK pumps would begin to be reversed. However the truce has already proved to be volatile, sending oil prices back up in recent days. With US President Donald Trump threatening a blockade of the area from Monday, the outlook remains uncertain.
For now, at least, it does seem that continuous rises have slowed. What happens now will depend on how the conflict evolves in the coming days and weeks.
RAC head of policy Simon Williams said: “The increases have almost ground to a halt. With dated Brent crude under 100 US dollars a barrel for the last three trading days, there’s now scope to see prices finally starting to go the other way.
“But, as always, it’s a highly volatile situation with much depending on what happens with the Strait of Hormuz.
“And, if the oil price was to go well over 100 US dollars again this week, any hopes of slight forecourt reductions will inevitably disappear.”
Brent crude jumped back past 100 US dollars a barrel on Monday after President Trump vowed to blockade Iranian ports.
The latest pump prices represent hikes of 25p per litre for petrol and 49p per litre for diesel from the day the war began on February 28.
