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The Independent UK
The Independent UK
Business
Karl Matchett and Simon English

What surging oil price means for UK petrol prices, supermarket costs and energy bills

Oil Petrol United Kingdom Donald Trump Iran Interest Rates BRC FDF

The price of oil soared overnight to their highest level since 2022 as doubts resurfaced about the Strait of Hormuz shipping route opening fully.

The price of Brent crude oil pushed beyond $125 at one stage, reaching a high not seen since Russia’s invasion of Ukraine. By Thursday, 9am BST, the price had pulled back slightly to $118.

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