"The price of oil has hurtled well past the $100 barrier and sits above $106 on Monday morning a surge in price of well over a third (37 per cent) in the space of a week, something which promises a big impact on people's finances. What we refer to as oil is typically the contract price of Brent crude a global benchmark for pricing of the commodity regardless of its origin."
"Rising oil costs will naturally push energy bills higher, but it's far from just about turning the heating on higher fuel costs impact manufacturing, transport, food and everything else. Energy bills rising is an inflationary pressure the UK's economy could do without."
"Such an increase in the price of oil could see a litre of petrol jumping to around 1.90 - a price last seen in 2022 after Russian's invasion of Ukraine - adding over 500 to the average fuel bill of a British petrol car driver. But with 1.8m EVs now on the UK's roads, an increasing number of British drivers are insulated from these spikes in international energy markets."
Brent crude oil prices have exceeded $106 per barrel, representing a 37% increase within a week due to ongoing conflict with Iran. This global benchmark price affects all oil-related costs regardless of origin. Rising oil prices directly increase energy bills and create inflationary pressure on the UK economy. Beyond heating, higher fuel costs impact manufacturing, transport, food production, and numerous other sectors. Electric vehicle owners benefit from insulation against these price spikes, with 1.8 million EVs currently on UK roads. Accelerating the transition to electric vehicles powered by renewable energy sources represents a strategic approach to reducing economic vulnerability to international energy market fluctuations.
Read at www.independent.co.uk
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