Will petrol and diesel prices go up now?

If oil prices remain high for some time, the knock-on effects could affect the costs of fuel and food

Gas prices in Pittsburgh have increased significantly following military strikes by the U.S. and Israel on Iran. This geopolitical conflict has caused a spike in global oil prices, which directly affects gasoline costs at the pump. As of Wednesday, the average gas price in Pennsylvania rose to $3.29 per gallon, marking a 17-cent increase from the previous week. Gas stations often adjust prices based on the expected cost of their next fuel shipments, rather than their current inventory, due to their narrow profit margins.

The article discusses the surge in global oil prices following intensified conflict in the Middle East, particularly after US-Israeli airstrikes on Iran and the death of Iran's supreme leader. Oil prices jumped roughly 8% due to fears of supply disruption, especially around the Strait of Hormuz, a key chokepoint through which a fifth of the world’s oil passes. This disruption has implications for inflation, energy prices, and interest rates globally, including in the UK.