US EditionPublished • loading... • Updated
What US and Israel Attacks Mean for Surging UK Fuel Prices
Recent US and Israeli strikes on Iran and Gulf retaliations threaten oil supply routes, pushing Brent crude near a seven-month high and raising inflation risks, experts say.
- On Monday, the US and Israel struck Iran, triggering retaliations that hit Dubai, Abu Dhabi, Bahrain, Jordan and Kuwait, disrupting global oil flows.
- Iran's control of the Strait of Hormuz makes the waterway a chokepoint, as about one-fifth of global oil and gas supplies pass through it, making tanker routes highly vulnerable.
- On Monday, Brent crude closed the week at around $73 per barrel and has climbed roughly 16% since the start of the year, with oil futures jumping 10% over the weekend, so forecourts buy fuel in advance and prices will pass to motorists with a lag.
- Experts warn drivers could face sharp petrol rises and record pump prices within 10 to 12 days, and economists say the oil jump will push UK inflation higher, as experts warn on pump prices.
- Analysts caution the main question is whether the spike will be brief or persistent, with some expecting Opec to increase output to offset price rises.
Insights by Ground AI
Podcasts & Opinions
70 Articles
70 Articles
US-Iran war: How can rising crude oil prices affect OMCs, diesel, petrol prices in India? Explained
The rise in crude oil prices poses significant risks for India's economy and its oil marketing companies, particularly as OMC stocks decline amidst escalating Middle East tensions. A spike in Brent crude prices could lead to retail fuel price increases, impacting overall market stability.
·New Delhi, India
Read Full Article
Oil prices blaze on Monday in Asian trade, doped by fears of disruptions in crude oil supply due to the conflict in the...
·Paris, France
Read Full ArticleCoverage Details
Total News Sources70
Leaning Left15Leaning Right7Center22Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 34%
C 50%
R 16%
Factuality
To view factuality data please Upgrade to Premium
