Petrol and diesel prices in the UK have reached their highest levels since August 2022, as the Israel-Iran conflict continues to disrupt global oil supplies. According to the RAC, diesel hit 191.68p and petrol reached 169.68p a litre on Monday, with the motoring group warning diesel could soon surpass its all-time record of 199.05p set in June 2022, shortly after Russia's invasion of Ukraine.

The renewed surge stems from fears that Saudi Arabia could run out of export stocks within days after drone strikes from Iraq badly damaged its 745-mile east-west pipeline, forcing Riyadh to shut it down. The pipeline normally reroutes around four million barrels a day to the Red Sea port of Yanbu, bypassing the Strait of Hormuz, and its closure threatens 4% of global oil supplies. RAC head of policy Simon Williams said filling a 55-litre family car now costs over £93 for petrol and more than £105 for diesel, with prices up 8p a litre since early September and oil trading above $100 a barrel.