Crude oil prices are set to experience a weekly surge, driven by rising supply fears following the recent US-Iran strikes. The escalating conflict between the two nations has heightened global energy market tensions, leading to an increase in oil prices.
According to reports, the US has launched airstrikes on Iran in response to a drone attack on a US military base in Iraq. Iran has vowed to retaliate, fuelling concerns over global energy security.
The conflict has led to an increase in oil prices, with Brent crude futures trading above $90 per barrel. This surge in prices is likely to have implications for global energy markets and could lead to higher fuel prices for UK motorists.
The UK's Office for Budget Responsibility has previously warned of the potential impact of oil price volatility on the economy. With the current situation, there are concerns that higher oil prices could lead to increased inflation and a negative impact on consumer spending.
The UK Government has declined to comment on the potential implications of the US-Iran conflict on oil prices in the UK. However, the Department for Business, Energy and Industrial Strategy (BEIS) has stated that it is monitoring the situation closely and is working to mitigate any potential disruption to the UK's energy supplies.