Global oil prices reached their highest level in 10 months, with Brent crude reaching $95 a barrel. The RAC warns of rising fuel costs, with UK drivers now paying £1.55 per litre for petrol and £1.59 for diesel.
Oil prices have risen by 10p per litre and 13p since August, following Russia’s invasion of Ukraine. Producers like Saudi Arabia and Russia reduced production, leading to a steady rise.
The US Energy Information Administration predicts a decline in oil output from top shale-producing regions for the third consecutive month.
Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, defended Opec+’s supply restrictions, citing the need for light-handed regulation in energy markets to limit volatility, despite rising fuel and energy bills and the potential impact of the pound’s fall.