Oil prices are getting close to their highest point since the Iran war started, pushing up costs for fuel and everyday goods

The war involving the United States, Israel, and Iran has caused big problems for the world's oil supply. A very important narrow sea passage called the Strait of Hormuz – through which a large part of the world's oil normally travels by ship – has seen almost all traffic stop because of the conflict. As a result, the global price of Brent crude oil, which is the main benchmark that many countries use, recently climbed as high as $119 per barrel. This is very close to the highest level it has reached since the war began at the end of February 2026.

For people in the UK and around the world, this matters a lot in daily life. When oil prices go up so quickly, it usually leads to higher prices at the petrol station for cars, vans, and lorries. In the UK, the average price of petrol has already risen to about 152.8 pence per litre – that's roughly 20 pence more than before the war started, according to motoring groups. Higher fuel costs mean it becomes more expen

sive to drive to work, do the school run, or deliver goods to shops. Those extra costs often get passed on to customers, so food, clothes, and other items in the supermarket can end up costing more too.

Energy experts say that if these high oil prices continue for many weeks or months, the effects could spread much wider. Heating homes, running factories, and even making products like plastics or fertiliser for farms could all become pricier. This raises the risk of higher overall living costs, which is called inflation, and it might slow down the economy if families and businesses start spending less because everything feels more expensive. The government and energy companies are watching closely, but many people are already feeling the squeeze on their household budgets right now.