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UK Petrol Prices Reach Highest Level Since Iran Conflict Began
Confirmed
In Short: UK petrol prices have hit over 163p per litre, the highest since the Iran conflict started, as oil prices have surged.
The average cost of petrol in the UK has surpassed 163p per litre, according to the motoring group RAC, a level not seen since the Iran conflict began on 28 February.
Fuel prices tend to follow the wholesale price of oil, which has increased significantly due to the Iran conflict.
Since the war started, the price of a barrel of Brent crude, the global benchmark for oil, has been highly volatile.
While petrol prices have reached their highest level since the Iran conflict, diesel remains below its peak of 191.54p a litre reached on 15 April.
In related economic news, mortgage rates in the U.S. have also risen, reaching their highest level in over a year, following the escalation of tensions with Iran.
Background
Iran, officially the Islamic Republic of Iran, and historically known as Persia, is a country in West Asia. It borders Iraq to the west, Turkey, Azerbaijan, and Armenia to the northwest, the Caspian Sea to the north, Turkmenistan to the northeast, Afghanistan to the east, Pakistan to the southeast, and the Gulf of Oman and the Persian Gulf to the south.
What's confirmed
What's still developing
- Further details were still being reported.