Oil prices near $100 a barrel after US attacks Iran and Houthis hit tankers in Red Sea – as it happened

Higher oil prices because of the resumption of US attacks on Iran and the spread of the conflict to the Red Sea are forcing up the cost to drivers at petrol pumps, according to the latest UK figures.

The average price of petrol in the UK has risen to 155.57p per litre, up from 150.59p on 6 July, according to the RAC, a motoring services company. Diesel is up to 172.14p, after having fallen as low as 164p when it appeared that the US and Iran might be reaching a truce.

Renewed US strikes on Iran for 12 days in a row, and new attacks on Saudi oil tankers by Yemen’s Houthis, have put paid to any hopes of peace in the near term. Brent crude prices rose by $4.50 as high as $98.88 on Thursday – leaving them just shy of the $100 mark not seen for nearly two months.

Fuel prices are shooting up like a rocket on the back of oil being above $90 for the last days. The average price of diesel has gone up almost 8p, or 5%, to 172.14p a litre in the last fortnight, while petrol has risen by 5p in two and a half weeks to 155.57p, a 3% increase.

All the cuts of the last few months are sadly being reversed, with the price of unleaded now heading back up towards 160p and diesel to a shocking 180p. If petrol was to climb to 160p, it would surpass its Iran war high of 159.53p, seen on 28 May. Unless the renewed conflict is brought to an abrupt end soon, it’s looking like UK drivers are going to suffer some stinging summertime pump prices.

Petrol prices are up by 17% compared with before the US-Israeli attacks on Iran, according to the RAC. Photograph: RACIn other business news from today:

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