Fuel costs are affecting everybody

Well, the war has been raging for just over a week, and the world economy has been thrown into chaos due to fuel prices. Before the conflict, Brent crude was approx $70 a barrel. On Monday, 09/03, the price of a barrel went up to $100. On Tuesday, after a speech by the US president, the markets showed $90 per barrel, but did not calm the markets totally.

Shipping disruptions through the Strait of Hormuz is also causing concern as supplies of oil are getting worse. The Iranian regime has said they will target tankers, has helped at al,l also saying British ships in the Gulf are ‘legitimate targets’

“Starmer: We will keep fuel duty under review amid the Iran war”

The Labour government, specifically the chancellor, wants to increase fuel duty later in the year. The PM played this down at questions to the prime minister. But households are pushed to the breadline as they are and don’t need any increase soon. With inflation growing again, the threat of interest rates rising has unsettled the UK economy.

There is some queuing at petrol stations, and the price of fuel at the pumps has risen dramatically. People are already feeling this in their pockets.

But costs don’t just apply to automotive fuel but to our households, too. We all use gas and electricity, and with damage to major gas plants in the Middle East, the prices of home energy will increase, too.

 We were looking forward to cheaper gas and electricity in April 2026, which will decrease the energy cap by 7%. But now with the conflict in the Middle East, it will put pay to that.

It’s going to be rough, but we will have to ride the storm out. Hopefully, the war will end, and rebuilding and confidence can resume.