Oil Rockets Past $104 a Barrel – Petrol Prices Set to Smash Records
British drivers face the nightmare of eye-watering petrol prices as Brent crude crashes through $104 a barrel – a peak not seen since late 2023. Financial powerhouse Goldman Sachs warns the pain could get much worse, with oil possibly hitting $150 a barrel by April. Some traders even predict a staggering $250 a barrel if tensions escalate further.
The current UK petrol record is 191.5p per litre – a figure now dangerously close. Diesel prices have soared by 8.6p in one week alone, reaching a 16-month high at 150.97p per litre. Petrol jumped nearly 5p in a single day, averaging 137.51p.
Experts Warn Petrol Could Skyrocket – £100 Fill-Ups Loom
Howard Cox, head of FairFuelUK, rang alarm bells: “If oil squeezes past $100 a barrel, expect petrol and diesel to jump 10p to 20p per litre within weeks.”
The Middle East is fuelling the crisis. Tehran’s strikes on Gulf oil producers have rocked the market. Kuwait has cut output and declared force majeure. Meanwhile, fires ravaged UAE’s Fujairah oil zone, and Saudi Arabia shot down a drone targeting its Shaybah oil field.
Political Fallout: Trump Shrugs Off Price Hike as ‘Small Price to Pay’
As crude smashed $100 for the first time in four years, former US President Donald Trump hit back, calling the surge “a very small price to pay” on Truth Social, framing it as necessary to confront Iran’s nuclear ambitions.
White House press secretary Karoline Leavitt called it “a short-term disruption for long-term gain.” French President Emmanuel Macron demanded Iran reopen the Strait of Hormuz to ease tensions.
UK Drivers Face Punishing Fuel Duty Hikes Amid Crisis
Adding insult to injury, UK motorists face planned fuel duty hikes. Labour intends to raise fuel duty by 1p in September, then 2p in December, and another 2p next March.
Shadow Chancellor Sir Mel Stride slammed the plans: “With the Middle East on fire, Rachel Reeves must scrap fuel duty rises now.”
UK Gas Reserves Low But Stable – Normal for Season
The UK’s gas storage holds under two days’ supply – but National Gas stresses this is normal for this time of year. Still, with crude oil soaring and geopolitical tensions boiling over, British drivers are bracing for a brutal squeeze at the pumps ahead.
