Is petrol running out? Queues grow at the pumps over fears prices will rise
‘Sorry we are out’ signs are gradually appearing in petrol stations throughout the UK as the price of gas skyrockets.
War in the Middle East has forced companies to suspend all sailing through the Strait of Hormuz, which carries around 20% of the world’s oil and gas supplies, as Iran carries out retaliation attacks.
Their supreme leader Ayatollah Ali Khamenei was killed during US-Israel strikes dubbed ‘Operation Epic Fury’.
Countries across the region have since been subject to missile attacks by Iran, including the United Arab Emirates, Kuwait, Bahrain and Qatar.
On Sunday morning, two ships in the Strait were hit by projectile missiles, leaving one on fire and four mariners injured.
This has meant the biggest oil exports in the world are suspending journeys, meaning Brits are now in hour-long queues to fill up their cars.
Is petrol running out?
The UK’s petrol supply is not yet running out, but people are beginning to stock up against advice.
Drivers have been told ‘not to panic buy’ by the AA as oil prices have subsequently skyrocketed, with the global benchmark Brent crude increasing by 13% – the highest level recorded since July 2024.
Despite warnings people have still been pictured in long queues.
In Greater Manchester, dozens of vehicles were seen waiting for petrol at the Trafford Centre.
And in Kirkdale, Liverpool, queues for pumps stretched beyond stations and into nearby roads.
Will the price of petrol go up?
Oil prices surged by 13% yesterday, with Brent crude briefly climbing to $82 a barrel – its highest level since January last year – before easing to $79 by early morning.
Insurers are now reportedly declining to cover ships passing through the Strait, and the US said it cannot guarantee safety predicting the disruption could last for days.
Ali Vaez, director of the Iran Project, said: ‘Closure of the Strait of Hormuz would disrupt roughly a fifth of globally traded oil overnight – and prices wouldn’t just spike, they would gap violently upward on fear alone.
‘The shock would reverberate far beyond energy markets, tightening financial conditions, fuelling inflation and pushing fragile economies closer to recession in a matter of weeks.’
But experts are not too concerned this will have a huge impact on UK costs.
RAC head of policy Simon Williams added: “While the conflict in the Middle East undoubtedly has the potential to push up pump prices in the UK, it’s not a certainty. The oil price would have to rise significantly and stay that way for some time to have a dramatic effect.”
Mr Williams suggested oil prices reaching 100 dollars per barrel would take petrol prices ‘nearer to 150p per litre’, but said ‘it’s all too soon to know’.
The Prime Minister’s official spokesman said: ‘The Government is monitoring the situation closely. The UK benefits from strong and diverse security of energy supplies.
‘The Energy Secretary (Ed Miliband) spoke to the executive director of the International Energy Agency (Dr Fatih Birol) over the weekend.’
The spokesman added: ‘There are currently no reported impacts to UK fuel supply. DESNZ (the Department for Energy Security and Net Zero) will continue to monitor UK fuel stocks and sales.’
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