Arabic version: أسعار النفط الخام برنت ترتفع بسبب الصراع الإيراني
According to BBC News,
The global benchmark Brent crude oil price has hit $119 (£90) per barrel, close to its highest since the start of the US-Israel war with Iran. This surge follows US-Israel air strikes that began on 28 February, prompting Iran to effectively block the Strait of Hormuz, a crucial route for oil shipments. As a result, wholesale oil prices have surged, leading to significant increases in car fuel costs.
Countries are responding differently to rising oil prices. In Australia, public transportation has been made free to alleviate the financial burden on commuters, while Egypt has mandated early closures for shops and restaurants to cut energy use. In the United States, petrol prices have topped $4 a gallon for the first time in nearly four years, according to the AAA motoring organization. Meanwhile, in the UK, petrol prices have hit 152.8p a litre, a two-year high, and diesel prices have risen to 182.77p, their highest since December 2022.
Simon Williams, head of policy at the RAC, indicated that petrol prices could stabilize “if the cost of oil doesn’t increase further, although diesel still looks likely to rise”. Additionally, average energy bills in the UK are forecast to rise an average of £288 a year from July for a typical dual-fuel household.
Airlines are also feeling the impact of rising fuel prices, with the last shipment of jet fuel from the Middle East to the UK expected to arrive this week. Market analyst Mick Strautmann noted that it is unusual for there to be no cargoes en route from the Middle East, as there were typically eight at any one time in 2025. While the UK continues to receive jet fuel from other sources, including India, the USA, and the Netherlands, the overall volumes do not make up for the loss from the Middle East.
European airlines are adjusting to the increased fuel costs, with Air France-KLM planning to raise long-haul fares and Scandinavian carrier SAS announcing a reduction of 1,000 flights in April. British Airways’ parent company, IAG, has said it has no immediate plans to lift prices as it has hedged its fuel costs with contracts to buy fuel at a price fixed before the conflict began. EasyJet has said ticket prices might rise towards the end of summer when its hedging deals expire. Airlines UK has reported no current disruptions in jet fuel supply as they continue to engage with fuel suppliers and the government to monitor the situation.
