Business · 9 March 2026
Explained: Why Global Oil Prices Are Soaring, Impacting UK Fuel Costs
Global crude oil prices are rising due to supply disruption fears, notably from Middle East conflicts impacting routes like the Strait of Hormuz. As the UK heavily relies on oil and gas imports, these global price jumps directly affect consumers. Refiners' increased costs for crude are passed on, causing prices for fuels like heating oil and petrol to rise significantly across the country, with some customers reporting prices doubling.
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