Uk Petrol Prices Likely to Rise for Drivers After Iran Conflict Pushes Oil

9: 00 a. m. ET — Drivers across the UK will face higher pump costs as uk petrol prices climb, pushing household budgets tighter in the coming weeks. Tom Hayes and other MPs warned the economic fallout of the Iran conflict is already translating into cost increases for fuel and energy.

RAC figures show a 3p rise to Uk Petrol Prices across the UK

RAC figures show the impact on forecourts has already added 3p to the cost of a litre of unleaded in the UK, a concrete increase motorists are paying now. Oil moved toward $90 a barrel this week, and that jump in crude has fed directly into pump pricing across the country.

MPs Tom Hayes, Zoe Franklin and Damian Hinds warn of wider economic strain

Tom Hayes, Zoe Franklin and Damian Hinds told audiences the deepening conflict could upset inflation and household budgets in southern England and beyond. Crude oil prices have risen by 27% since the conflict began, and MPs cautioned that those energy cost pressures threaten recent improvements outlined in the Spring Statement.

Bank of England caution and July price-cap timing threaten household energy bills

The Bank of England is expected to hold back from further interest rate cuts because of upward pressure on inflation, a development that could limit policy options as costs rise. If the jump in gas and oil costs proves sustained, household energy bills could rise sharply when the next quarterly price cap takes effect in July.

Still, ministers are said to be considering consumer protections as the situation evolves, and policymakers face trade-offs: higher energy and fuel prices feed inflation now while undercutting growth later. Economists cited in recent analysis highlight that poorer households bear a disproportionate burden when commodity prices surge, reinforcing why MPs are urging close monitoring of supply chains and immediate action where possible.

What could reverse or accelerate these effects is clear: the next quarterly energy price cap in July is the immediate policy milestone. If crude and gas prices ease before the cap is applied, pump prices could stabilize; if elevated prices hold, uk petrol prices and household energy bills will rise by July.