Drivers are being advised against panic buying as queues have been spotted at certain fuel stations. Some motorists are taking precautions by filling up their tanks in response to the recent surge in oil prices linked to the escalating tensions in the Middle East. Concerns are rising over the potential disruption in oil and gas shipments through the vital Strait of Hormuz due to the conflict involving Iran, the US, and Israel.
Amid these developments, the price of Brent crude oil has risen to $82 per barrel, prompting speculations that petrol prices may soon increase at the pumps. Reports indicate some garages running out of fuel, though it’s unclear if this is due to heightened demand or unrelated supply issues. Representatives from motoring groups like the AA and RAC advise drivers to maintain their refueling habits as usual, emphasizing that price changes take time to impact pump prices.
While petrol prices have shown a slight drop since the beginning of the year, ongoing geopolitical tensions could reverse this trend. Despite governmental efforts to regulate petrol pricing, disparities persist across regions, with some areas experiencing significantly higher prices than the national average. Notably, Northern Ireland and certain parts of England offer more affordable fuel options for drivers.
As the conflict impacts global oil shipping rates, particularly in the Middle East, concerns grow over potential disruptions in the supply chain. The AA president anticipates continued oil distribution challenges depending on the conflict’s duration and the situation in the Strait of Hormuz, forecasting possible price hikes in the coming weeks.
