UK petrol prices are trending toward their highest levels of the year, with average costs reaching 159.5p per litre as of Thursday. According to data from the AA, prices have climbed more than 3p over the last week, placing them just shy of the 2024 peak of 159.7p recorded in May.

Market analysts attribute this upward pressure to renewed geopolitical tensions involving the United States and Iran. The potential for supply chain disruptions in the Middle East has historically led to volatility in global crude oil prices, which directly influences the cost of fuel at UK pumps. While prices had previously stabilized following earlier diplomatic efforts, the current escalation has reversed that trend. If current projections hold, prices could surpass the May peak by the weekend, further straining household budgets that are already managing the cost-of-living crisis. The current figures remain slightly below the historic high of 159.9p per litre seen in November 2022.