Oil nears highest price since start of Iran war

Oil nears highest price since start of Iran war 4 hours ago Share Save Add as preferred on Google Faarea Masud and Nick Edser , Business reporters The global benchmark Brent crude oil price has hit $119 (£90) per barrel, close to its highest since the start of the US-Israel war with Iran. Responding to the US-Israel air strikes which began on 28 February, Iran has effectively blocked the Strait of Hormuz, a key passage for ships carrying oil. Wholesale oil prices have surged since and car fuel prices have jumped to their highest in years. Countries are responding differently to rising oil prices , with Australia making bus travel free while Egypt asks shops, restaurants, and cafes to close early to cut energy use. The global benchmark oil price is a contract to buy a barrel Brent crude one month from now. Its price pushes up the price of car fuel in turn, as oil is a key ingredient. In the US, petrol prices at the pump topped $4 a gallon for the first time in nearly four years, according to the AAA motoring organisation. In the UK, petrol has hit 152.8p a litre, its highest in two years and around 20p more than the start of the war, according to the RAC motoring organisation. The average diesel price rose to 182.77p, its highest level since December 2022 and 40p more than at the start of the war. RAC's head of policy Simon Williams said the price of petrol could stabilise "if the cost of oil doesn't increase further, although diesel still looks likely to rise". …