Latest UK-focused news and updates.
Experts warn that the ongoing conflict in Iran is driving oil prices to unprecedented levels, with crude oil reaching $100 a barrel. This surge is expected to result in significant increases in fuel costs for drivers across Europe, including the UK.
In the UK, motorists could see an annual rise of approximately £140 in fuel expenses, while drivers in the broader European Union may face an average increase of €220 (£190). Analysts from the think tank Transport & Environment (T&E) estimate that if oil prices remain at this level, the total additional cost for European drivers could reach €55 billion over the course of a year.
The analysis draws comparisons to previous spikes in oil prices, particularly during the 2022 Russian invasion of Ukraine, highlighting the potential financial burden on higher-mileage drivers who will experience even greater cost increases.
As fuel prices rise, the financial advantage of owning electric vehicles is expected to become more pronounced, offering significant savings for those who have made the switch from traditional petrol and diesel vehicles.
Source: www.theguardian.com – https://www.theguardian.com/money/2026/mar/12/european-drivers-fuel-costs-jump-iran-conflict