Fuel prices across the UK have increased by approximately 5p per litre in the last week, with diesel edging towards £1.95 a litre in some areas. This rise is attributed to the ongoing conflict in the Middle East, which has seen wholesale oil prices climb back above $100 a barrel.
The price of fuel began to increase when the US-Israel war with Iran started on 28 February, disrupting energy production and transportation. Prices had fallen in June after a framework deal was agreed to end the fighting, but have since started rising again as tensions resurface.
Melanie Wilson, an antique shop owner, moved her business closer to home in Turriff, Aberdeenshire, to halve her fuel spend, which was nearly £300 a week on diesel. Taxi driver Martin Milne reported his monthly fuel cost for his business has risen from approximately £5,000 before the Iran conflict to £6,500.
Analysts suggest that every $10 per barrel increase in the oil price typically pushes up pump prices by around 7p a litre. The price of Brent crude, a global benchmark, has been volatile, peaking above $120 during the conflict and falling to near $70 after the framework deal, before climbing back above $100 following a fresh escalation in hostilities.