"Pump prices have been rising over the past week and the conflict escalation in the Middle East threatens even higher fuel costs for UK drivers. The Strait of Hormuz is vital for tankers, as it accounts for approximately 20% of the world's oil supply and a substantial share of seaborne gas."
"Oil prices have unsurprisingly rallied, up as much as 13 per cent through Asian trading. Brent crude opened the week at $82 - up $10 on Friday's price. Iran is only responsible for around five per cent of global oil supply, but the UAE, which has come under retaliatory fire because of its US military bases, is the fifth largest global exporter."
"Iran targeted the Strait of Hormuz, a narrow pass between Oman and Iran through which ships carrying around a fifth of the world's oil and gas pass daily. In response, tankers halted movement to protect their cargo and have yet to resume normal activity."
Escalating tensions in the Middle East, particularly involving Iran, pose serious risks to UK fuel prices. The Strait of Hormuz, a strategic maritime corridor handling approximately 20% of global oil supply, faces potential disruption as Iran warns of restricting passage. Recent incidents include two ships struck near the route, and tankers have halted movement to protect cargo. Oil prices have already risen significantly, with Brent crude up $10 from Friday's price. The AA reports petrol and diesel prices have begun increasing over the past week, with further acceleration likely if the situation deteriorates. UK motorists are advised to refuel as soon as possible to avoid higher costs.
Read at London Business News | Londonlovesbusiness.com
Unable to calculate read time
Collection
[
|
...
]