Brent crude briefly hit $119 per barrel on Tuesday — just shy of its highest level since the US-Israel war with Iran began — as the conflict continues to disrupt global energy markets.
Oil Prices Near War High as Global Energy Crisis Deepens
Brent crude briefly hit $119 per barrel on Tuesday — just shy of its highest level since the US-Israel war with Iran began — as the conflict continues to disrupt global energy markets.
Iran has effectively blocked the Strait of Hormuz, a critical passage for oil shipments, in response to air strikes that began February 28. The disruption has sent wholesale oil prices soaring and pushed car fuel costs to multi-year highs worldwide.
Pain at the Pump
United States: Petrol prices topped $4 a gallon for the first time in nearly four years, according to the AAA motoring organization.
United Kingdom: Petrol hit 152.8p per litre — its highest in two years and up about 20p since the war began. Diesel rose to 182.77p, its highest since December 2022 and 40p above pre-war levels. The RAC’s head of policy Simon Williams said petrol prices could stabilize “if the cost of oil doesn’t increase further, although diesel still looks likely to rise.”
Australia: Bus travel has been made free to ease the burden on commuters.
Egypt: Shops, restaurants, and cafes are being ordered to close early to cut energy use.
Jet Fuel Squeeze Hits Airlines
The last shipment of jet fuel from the Middle East to the UK is due to arrive this week — a sharp drop from the average eight cargoes previously en route at any given time, according to data firm Vortexa.
“In 2025 there were an average of eight cargoes en route from the Middle East to the UK at any one time, so having none en route is quite unusual,” said Mick Strautmann, market analyst at Vortexa.
While a UK government spokesperson said imports continue from India, the US, and the Netherlands, analysts note those volumes don’t fully offset Middle East losses. Strautmann added that India — historically a jet fuel supplier to the UK — is “prioritizing exports to Southeast Asia at the moment given very high prices and shorter distances.”
George Shaw of Kpler noted that the shipment arriving this week was loaded at a refinery in the Red Sea and did not pass the Strait of Hormuz. “The last of the vessels that loaded jet fuel and passed the Strait of Hormuz will discharge into Europe this week,” he said.
Airlines Respond to Rising Costs
Among European carriers, Air France-KLM has said it plans to increase long-haul fares to counter higher fuel costs. Scandinavian carrier SAS has raised prices and said it will cut 1,000 flights in April.
British Airways owner IAG said it has no immediate plans to lift prices as it hedged its fuel costs with contracts before the conflict began. EasyJet has warned ticket prices might rise toward the end of summer when its hedging deals expire.
A spokesperson for Airlines UK said: “UK airlines are currently not seeing disruption to jet fuel supply and continue to engage with fuel suppliers and government to monitor the situation.”
Household Energy Bills to Rise
UK households face another hit as average energy bills are forecast to rise £288 per year from July for a typical dual-fuel household.
Source: BBC News
