Fears continue to grow that the price of petrol and diesel at forecourts across the nation could spiral in the coming weeks and months amid escalating attacks in the Middle East.
On Sunday (June 22), Iran voted to close the Strait of Hormuz in response to bombing raids by Israel and the United States on key nuclear enrichment facilities.
Experts have warned that closing the Strait of Hormuz could devastate global oil prices, with drivers feeling the brunt of the decision at fuel stations.
Data from the US Energy Information Administration (EIA) states that oil flow through the strait averaged 20 million barrels per day.
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Drivers could soon see petrol and diesel prices spiral in response to Iranian threats to close the Strait of Hormuz
REUTERS/PA/GETTY
This is the equivalent of about 20 per cent of global petroleum liquids consumption, with experts highlighting the massive consequences of closing the key route.
The latest prices from RAC Fuel Watch show that petrol costs 132.06p per litre, while diesel drivers are paying an average of 138.19p when visiting a filling station forecourt.
However, the RAC is not forecasting a change in petrol and diesel prices, despite months of predictions that costs will continue to fall.
While maritime traffic has not been significantly disrupted, tensions in the Middle East have already caused a major spike in oil prices.
Petrol and diesel prices peaked in the summer of 2022 after Russia's invasion of Ukraine
PAThe price of Brent crude oil jumped from $69 (£51.35) per barrel on June 12 to $74 (£55.07) per barrel on June 13.
Analyst Jim Reid, from Deutsche Bank, warned that the price of oil could surge to $120 (£89.32) if Iran were to go ahead with closing the Strait of Hormuz.
He noted that markets were preparing for different scenarios and would depend on whether the Iranian regime "weaponises oil".
The price of Brent crude oil has fluctuated dramatically over the last five years, with prices as low as $40 (£29.77) following the outbreak of the coronavirus pandemic.
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The Strait of Hormuz is responsible for carrying 20 million barrels of oil per day
REUTERS
Costs spiked in the months after the Russian invasion of Ukraine in February 2022, which forced prices to a staggering $123 (£91.54) per barrel.
When the global price of oil soared after the Russian invasion of Ukraine, drivers were being forced to pay an average of 191p per litre for petrol and almost £2 for diesel in July 2022.
There are renewed fears that these prices could be seen again if the Strait of Hormuz closure takes effect and sends the price of oil soaring.
Saul Kavonic, energy analyst at MST Marquee, added: "Much depends on how Iran responds in the coming hours and days, but this could set us on a path toward $100 (£74.46) oil, if Iran responds as they have previously threatened to."
Satellite image shows a close-up view of destroyed buildings at Isfahan Nuclear Technology Center, Iran
REUTERS
It comes as US Secretary of State Marco Rubio calls on China to prevent Iran from shutting the key trade route, describing the move as "economic suicide".
He added: "And we retain options to deal with that, but other countries should be looking at that as well. It would hurt other countries' economies a lot worse than ours."
Operation Midnight Hammer involved 125 US military aircraft, including seven state-of-the-art B-2 stealth bombers, which targeted sites in Fordo, Natanz and Isfahan.
Confirming the targeted strikes on social media, President Donald Trump said it was a "very successful attack", adding: "Congratulations to our great American Warriors. There is not another military in the world that could have done this. NOW IS THE TIME FOR PEACE!"
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