- By Michael Race
- Business reporter, BBC News
Image source, Getty Images
Drivers have been warned of rising fuel costs after global oil prices surged to their highest level for 10 months.
Brent crude, a benchmark for prices, breached $95 a barrel on Tuesday amid predictions of shorter supplies.
It came as the International Energy Agency (IEA) said a decision by Saudi Arabia and Russia to cut production could cause a “significant supply shortfall” by the end of this year.
The RAC motoring group warned drivers were “in for a hard time” at the pumps.
Latest figures show UK drivers are now paying £1.55 on average per litre, with diesel at £1.59. That is up from around £1.44 and £1.53 in May.
Following Russia’s invasion of Ukraine in February 2022, oil prices soared, hitting more than $120 a barrel in June last year.
They fell back to a little above $70 a barrel in May this year, but have steadily risen since then as producers have tried to restrict output to support the market. Saudi Arabia and Russia, members of the Opec+ group and two of…
