Petrol and diesel prices rise again as concerns grow over ceasefire
Petrol and diesel prices rise again as concerns grow over ceasefire
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Petrol and diesel prices have risen again due to concerns about the US-Iran ceasefire's stability. Initial drops in oil prices after the ceasefire announcement were reversed on Thursday amid doubts fueled by Israeli strikes on Lebanon and Iranian warnings. The Strait of Hormuz, a key oil shipping route, remains a point of contention, further impacting prices. Brent crude rose 3.2% to $97.94 a barrel, reflecting market anxiety. Since the war began on February 28th, wholesale oil prices have increased by 35%, leading to higher costs at the pump, with average petrol prices at 158.03p a litre and diesel at 191.11p on Thursday in the UK. While one motoring group anticipates price drops if the ceasefire holds, another warns against expecting significant reductions soon.
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AI-ExtractedThe average petrol price was 158.03p a litre on Thursday while diesel was 191.11p.
Since the war began on 28 February, wholesale oil prices have jumped by 35%.
The price of a barrel of Brent crude rose 3.2% to $97.94 on Thursday.
Reports that Iran will keep the crucial shipping route closed because of the Israeli strikes has renewed fears of a lengthy disruption to energy supplies
Drivers should expect prices on forecourts to level by next weekend and then fall – providing the ceasefire holds.
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