Experts have warned that drivers in the UK could be at risk of huge petrol and diesel prices in the coming days and weeks as tensions in the Middle East continue to worsen.
The price of oil has spiked in recent days in response to missile strikes by Israel and the United States on Iran, and the Islamic Republic's retaliatory action in the Middle East.
Data from the RAC Foundation shows that the price of Brent Crude Oil continues to rise to a current level of $81.40 or £61.19 per barrel.
As a result of the rising price of oil, petrol and diesel prices in the UK have risen slightly in the last few days to 133.4p for petrol and 143.2p for diesel.
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Experts fear that this trend could continue in the coming days and weeks in response to Iran's threats to shut the Strait of Hormuz and attack any oil tankers passing through.
The Strait of Hormuz is one of the world's most critical passages for the supply of oil, with around 20 per cent of global oil trade passing through its waters.
However, since the killing of Ayatollah Ali Khamenei on February 28, hundreds of ships have dropped their anchors, made U-turns or are waiting in open waters to avoid the conflict.
Ebrahim Jabari, a senior adviser to the IRGC's commander-in-chief, threatened the global trade of oil, according to Iranian state media.
Experts are warning that drivers could face immediate price hikes at the pump as a result of tensions in the Middle East
|REUTERS/PA
He said: "The strait (of Hormuz) is closed. If anyone tries to pass, the heroes of the Revolutionary Guards and the regular navy will set those ships ablaze."
Speaking to GB News, Howard Cox, founder of FairFuelUK, issued a dire warning to motorists in the UK, claiming that the world was facing an "oil crisis".
He said: "With refineries, oil tankers, and the Straits of Hormuz being targeted, oil prices will continue to climb relentlessly. A barrel of crude is already over $81 (£60.63).
"I predict pump prices will be hiked by up to 10p per litre by the weekend, with independent retailers held to ransom by ruthless cash-grabbing wholesalers and the big brands.
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The Strait of Hormuz is one of the most important shipping routes in the world, especially for oil exports
| GETTY"For over two decades, our clueless politicians have not planned to be self-sufficient in oil and gas production. They should be held to account for making the UK reliant on imports."
President Donald Trump has hinted that the United States could begin escorting tankers through the Strait of Hormuz following the threat from Iran.
Posting on social media site Truth Social, the President said this could happen "as soon as possible" if necessary, adding that the military might of the US is the "GREATEST ON EARTH".
Mr Cox has also called on Chancellor Rachel Reeves to cut fuel duty, or keep it frozen for the lifetime of this Parliament, in response to the potential oil crisis.
Brent Crude Oil prices are at their highest rate in over six months
|RAC FOUNDATION
During the Spring Statement yesterday (March 3), the Chancellor highlighted a number of measures introduced in the 2025 Autumn Budget, including the 5p fuel duty cut, frozen rail fares and cheaper energy bills.
However, the Chancellor failed to introduce new measures to protect motorists at the pumps from rising prices.
Under current plans, the 5p per litre fuel duty cut, which was introduced after the Russian invasion of Ukraine in 2022, will be phased out over the next 12 months.
Despite this, the Chancellor confirmed that inflation-linked rises for fuel duty would be scrapped this year, as announced in the Autumn Budget.