British drivers face renewed pressure at the petrol pump after Brent crude climbed above $97 (£71.82) a barre,l as conflict in the Middle East continues to disrupt one of the world’s most important oil shipping routes.
Brent rose around 0.8% to $97.07 (£71.82) a barrel on Monday morning, while US West Texas Intermediate traded around $92.28 (£68.28).
For motorists, the concern is how quickly higher crude prices feed through into petrol and diesel.
The Bank of England says changes in Brent normally pass through relatively quickly to forecourt prices and expects motor fuels to add around 0.3 percentage points to inflation during the second half of 2026.
Higher diesel prices also feed directly into haulage, supermarket deliveries, construction and agriculture, increasing costs for businesses and potentially pushing up the price of goods.
The latest rise in oil follows gains of almost 8% for Brent last week as the conflict between the US and Iran increasingly disrupts commercial shipping.
The US Maritime Administration continues to warn of a high risk of attacks against vessels in the Persian Gulf, Strait of Hormuz and Gulf of Oman.
Before the conflict, around 21.6 million barrels a day of crude and petroleum products passed through Hormuz, according to the US Energy Information Administration.
Flows have since fallen sharply as tanker movements have been disrupted, increasing fears over the security of global oil supplies.
There is also little immediate help coming from OPEC+. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman agreed on Sunday to maintain their September production levels through October.
That means there is no additional supply response from the producer group for now.
The UK is less directly dependent on Gulf oil than many Asian economies but remains exposed to global prices, meaning sustained crude costs near or above $100 (£73.99) a barrel would still hit households and businesses.
If oil remains elevated, the impact could extend beyond forecourts into transport costs, food prices and wider inflation.
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