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Oil Prices Surge Amid Ongoing Iran Conflict, UK Fuel Hits 150p

4/2/2026

30 5 Full Breakdown

Summary

Story summary

Oil prices rose to $117 per barrel as the Iran conflict entered its fifth week due to intensified attacks by Iranian-backed Houthi rebels and United States actions.
The FTSE 100 Index rose 0.2%, reflecting market concerns over prolonged instability.
Analysts warn the war could spark a global energy crisis with potential Red Sea and Hormuz disruptions.
Fuel prices in the UK rose above 150p per litre.

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Story summary

Oil prices rose to $117 per barrel as the Iran conflict entered its fifth week due to intensified attacks by Iranian-backed Houthi rebels and United States actions.
The FTSE 100 Index rose 0.2%, reflecting market concerns over prolonged instability.
Analysts warn the war could spark a global energy crisis with potential Red Sea and Hormuz disruptions.
Fuel prices in the UK rose above 150p per litre.