{"id":326921,"date":"2026-04-30T16:32:04","date_gmt":"2026-04-30T11:02:04","guid":{"rendered":"https:\/\/ebiztoday.news\/?p=326921"},"modified":"2026-04-30T16:32:05","modified_gmt":"2026-04-30T11:02:05","slug":"oil-prices-hit-wartime-high-what-does-that-mean-for-the-uk-news-world","status":"publish","type":"post","link":"https:\/\/ebiztoday.news\/index.php\/2026\/04\/30\/oil-prices-hit-wartime-high-what-does-that-mean-for-the-uk-news-world\/","title":{"rendered":"Oil prices hit wartime high – what does that mean for the UK? | News World"},"content":{"rendered":"

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The fee of benchmark Brent crude oil soared this week (Picture: Shutterstock)<\/figcaption><\/figure>\n

Oil\u00a0prices\u00a0have soared to their highest level since 2022 as President Donald Trump appears to be preparing for an escalation of the Iran war.<\/p>\n

The fee of benchmark Brent crude soared past \u00a394 a barrel, up nearly 7%, reaching a high not seen since Russia\u2019s invasion of Ukraine in 2022.<\/p>\n

Hopes of a resolution to the war and the reopening of the crucial Strait of Hormuz shipping route have been dashed as peace talks between the US and Iran break down.<\/p>\n

Trump has rejected Iran\u2019s proposals to reopen the Strait of Hormuz and is preparing to launch a series of strikes on Iran, which might bring an end to a fragile ceasefire.<\/p>\n

The surge in\u00a0oil\u00a0prices\u00a0will result in further fears over price rises at petrol pumps, with worries that the worldwide energy shock will result in a pointy increase in UK inflation.<\/p>\n

Could this result in a recession within the UK? <\/h2>\n
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In March, some petrol stations within the UK ran out as people panic bought (Picture: EPA)<\/figcaption><\/figure>\n

In March, Larry Fink told the\u00a0BBC\u00a0that if the conflict isn\u2019t settled, there might be \u2018years\u2019 of high prices and a \u2018stark and steep recession\u2019.<\/p>\n

\u2018Rising energy prices are a really regressive tax. It affects the poor greater than the rich,\u2019 he said.<\/p>\n

Thomas Sampson, associate professor of Economics on the\u00a0London\u00a0School of Economics (LSE), told\u00a0Metro<\/strong>\u00a0that while it is feasible for a recession to occur, it can rely on the severity and duration of the oil shock.<\/p>\n

Weeks of intensifying attacks within the Middle East, disruption to energy production, and\u00a0shipping delays within the Strait of Hormuz\u00a0are all prone to have significant impacts on the worldwide\u00a0economy.<\/p>\n

In early March, when oil surged in price, motorists were urged to stop \u2018non-essential journeys\u2019 to lower your expenses.<\/p>\n

President of the AA, Edmund King, is urging Brits to make fewer journeys to lower your expenses, and suggested motorists should change their driving style to be more fuel efficient.<\/p>\n

King said: \u2018The longer this conflict goes on, the more effect it can have on the fee of oil. Any time Brent Crude passes 100 dollars per barrel raises concern across the markets, for the haulage industry and drivers.<\/p>\n

\u2018There can be gradual increases in pump prices, but this shouldn\u2019t occur overnight as fuel has been purchased at previous prices.\u2019<\/p>\n

Get in contact with our news team by emailing us at webnews@metro.co.uk.<\/strong><\/strong><\/strong><\/p>\n

For more stories like this, <\/strong>check our news page<\/strong>.<\/p>\n

Arrow<\/title>\n<\/use><\/svg>MORE: Why even King Charles can\u2019t save the UK\u2019s \u2018special relationship\u2019 with the US<\/span><\/p>\n

Arrow<\/title>\n<\/use><\/svg>MORE: Donald Trump praises \u2018super hearing\u2019 of NASA chief\u2019s \u2018beautiful\u2019 ears<\/span><\/p>\n

Arrow<\/title>\n<\/use><\/svg>MORE: Donald Trump\u2019s latest move is pathetic \u2013 but additionally terrifying<\/span><\/p>\n

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The fee of benchmark Brent crude oil soared this week (Picture: Shutterstock) Oil\u00a0prices\u00a0have soared to their highest level since 2022 as President Donald Trump appears to be preparing for an escalation of the Iran war. The fee of benchmark Brent crude soared past \u00a394 a barrel, up nearly 7%, reaching a high not seen since […]<\/p>\n","protected":false},"author":1,"featured_media":326922,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20691],"tags":[2047,2434,395,2667,4604,17347,813],"class_list":["post-326921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-high","tag-hit","tag-news","tag-oil","tag-prices","tag-wartime","tag-world"],"aioseo_notices":[{"message":"The permalink for this post just changed! This could result in 404 errors for your site visitors.","status":"warning","options":{"id":"0a2ae5f84bc2c0423042ed7ec22d2e40","isDismissible":true,"actions":[{"url":"https:\/\/ebiztoday.news\/wp-admin\/admin.php?page=aioseo-redirects","label":"Add Redirect to improve SEO","class":"aioseo-redirects-slug-changed"}]},"allowedContexts":["posts"]}],"_links":{"self":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/326921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/comments?post=326921"}],"version-history":[{"count":2,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/326921\/revisions"}],"predecessor-version":[{"id":326924,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/posts\/326921\/revisions\/326924"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media\/326922"}],"wp:attachment":[{"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/media?parent=326921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/categories?post=326921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ebiztoday.news\/index.php\/wp-json\/wp\/v2\/tags?post=326921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}