Starmer warns of bigger impact on economy the longer Iran war continues – UK politics live
The prime minister is facing pressure from unions and some backbenchers to prepare a support package as oil and gas prices threaten to push up inflationAs we mentioned in the opening post, the chancellor, Rachel Reeves, has a call with fellow G7 finance ministers this afternoon to discuss surging oil prices and the economic impact of the US-Israeli war with Iran.You can follow all the latest market developments in our business live blog, which is leading on how stock markets are tumbling after the oil price surged over $100 a barrel for the first time in four years:The longer this conflict goes on, the more effect it will have on the cost of oil.Any time Brent Crude passes 100 dollars per barrel raises concern across the markets, for the haulage industry and drivers.Average petrol and diesel prices have rocketed in the last week and are unfortunately likely to keep on rising, so the situation for UK drivers is looking increasingly bleak.Unleaded is almost certainly going to reach an average of 140p in the next week or so, while diesel looks highly likely to climb to at least 160p a litre.
We encourage drivers to continue filling up as normal but to shop around for the best prices. Continue reading…