Brent Crude Oil Prices Surge Amid Iran Conflict
The global benchmark Brent crude oil price has reached $119 (£90) per barrel, approaching its highest level since the onset of the US-Israel conflict with Iran.
Following the US-Israel air strikes that commenced on 28 February, Iran has effectively blocked the Strait of Hormuz, a critical route for oil-carrying vessels.
This disruption has led to a sharp increase in wholesale oil prices, with car fuel prices rising to their highest levels in years.
National Responses to Rising Oil Prices
Countries have adopted varied measures in response to the escalating oil prices. Australia has introduced free bus travel, while Egypt has requested shops, restaurants, and cafes to close earlier to reduce energy consumption.
In the United States, petrol prices at the pump surpassed $4 per gallon for the first time in nearly four years, according to the AAA motoring organisation.
In the United Kingdom, petrol prices have climbed to 152.8p per litre, marking the highest level in two years and approximately 20p more than at the start of the conflict, as reported by the RAC motoring organisation.
The average diesel price in the UK increased to 182.77p per litre, the highest since December 2022 and 40p higher than at the conflict's onset.
RAC's head of policy Simon Williams said the price of petrol could stabilise "if the cost of oil doesn't increase further, although diesel still looks likely to rise".
Additionally, average energy bills in the UK are projected to increase by £288 annually from July for a typical dual-fuel household.
Impact on Airlines and Jet Fuel Supply
Airlines have also been affected by the surge in jet fuel prices.
Data firm Vortexa reports that the last shipment of jet fuel en route from the Middle East to the UK is expected to arrive this week.
The shipment, initially reported by the Financial Times, is scheduled to arrive on Thursday or Friday.
"In 2025 there were an average of eight cargoes en route from the Middle East to the UK at any one time, so having none en route is quite unusual," said Mick Strautmann, market analyst at Vortexa.
A UK government spokesperson confirmed that jet fuel shipments continue to arrive in the country.
"The UK receives imports of jet fuel from India, USA and the Netherlands as well as smaller amounts from a range of other countries," the spokesperson added.
However, Strautmann noted that while India has historically supplied jet fuel to the UK, it is currently prioritising exports to Southeast Asia due to very high prices and shorter distances.
"There have been some loads from West Africa, the US and to a smaller extent Netherlands and France heading to the UK, but overall volumes do not make up for the loss from the Middle East," he said.
George Shaw, senior insight analyst at Kpler, stated that the shipment arriving this week was loaded at a refinery in the Red Sea and did not pass through the Strait of Hormuz.
"The last of the vessels that loaded jet fuel and passed the Strait of Hormuz will discharge into Europe this week," he said.
Airline Pricing and Operational Adjustments
Among European airlines, Air France-KLM has announced plans to increase long-haul fares to offset higher fuel costs, while Scandinavian carrier SAS has raised prices and plans to cut 1,000 flights in April.
British Airways owner IAG has indicated it has no immediate plans to raise prices, having hedged its fuel costs with contracts fixed before the conflict began.
EasyJet has stated that ticket prices may increase towards the end of summer when its hedging agreements expire.
