Higher oil prices due to the resumption of US attacks on Iran and the spread of the conflict to the Red Sea are increasing the cost of fuel for drivers, according to the latest UK figures.

UK Petrol Prices Rise to 155.57p per Litre

The average price of petrol in the UK has increased to 155.57p per litre, up from 150.59p on 6 July, according to the RAC, a motoring services company. Diesel prices have also risen to 172.14p, having previously dropped as low as 164p when a potential truce between the US and Iran seemed possible.

Renewed Attacks and Rising Oil Prices

Renewed US strikes on Iran for 12 consecutive days and new attacks on Saudi oil tankers by Yemen’s Houthis have dashed hopes of peace in the near term. Brent crude prices rose by $4.50 to as high as $98.88 on Thursday — just short of the $100 mark not seen for nearly two months.

Simon Williams. Head of policy at the RAC. Said: ‘Fuel prices are shooting up like a rocket on the back of oil being above $90 for the last few days. The average price of diesel has gone up almost 8p, or 5%, to 172.14p a litre in the last fortnight, while petrol has risen by 5p in two and a half weeks to 155.57p, a 3% increase.’

Williams added that all the price cuts of the last few months are being reversed. ‘With the price of unleaded now heading back up towards 160p and diesel to a shocking 180p, unless the renewed conflict is brought to an abrupt end soon, it’s looking like UK drivers are going to suffer some stinging summertime pump prices.’

Concerns Over Future Price Increases

If petrol were to climb to 160p, it would surpass its previous high during the Iran war of 159.53p, recorded on 28 May, but the current trajectory of oil prices, driven by the renewed conflict, has raised concerns over the potential for further increases in the coming weeks. The RAC reported that the situation remains fluid, and the continuation of hostilities could lead to further economic strain on UK drivers.

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