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Brent Hits $126; UK Delays Fuel Duty Hike

6/3/2026

49 9 Full Breakdown

Center

UK Delays FuelDuty

Brent crude prices have surged from $73 to $126 a barrel since the February Middle East war.
The UK government postponed a planned 5p-per-litre fuel duty increase until 31 December 2024, citing the Middle East conflict.
RAC warned petrol could reach at least 160p per litre soon, diesel staying slightly lower.
Jet fuel supply issues at Edinburgh and Glasgow airports, caused by staffing, have been resolved.

Left

Fuel Finder Saves

The mandatory Fuel Finder scheme can save drivers up to £9 per tank by directing them to cheaper pumps.
The UK government requires all fuel retailers to participate in the Fuel Finder programme nationwide since February.
AA said tool eased pump pain despite wholesale prices rising over £5 during Iran crisis.
CMA found no evidence retailers exploited the conflict, noting high 11.3p margins and weak competition.

History

Historical Context

In October 1973 OAPEC’s oil embargo drove world crude from $3 to $12 a barrel, quadrupling prices. Britain, still dependent on imports because North Sea fields wouldn’t produce until 1975, saw Prime Minister Edward Heath warn of recession and face a coal-miners strike that helped topple his government. Today Brent at $126 forces the UK Treasury to postpone a 5-pence fuel-duty rise.

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UK Delays FuelDuty

Brent crude prices have surged from $73 to $126 a barrel since the February Middle East war.
The UK government postponed a planned 5p-per-litre fuel duty increase until 31 December 2024, citing the Middle East conflict.
RAC warned petrol could reach at least 160p per litre soon, diesel staying slightly lower.
Jet fuel supply issues at Edinburgh and Glasgow airports, caused by staffing, have been resolved.

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