Why this matters: Rising oil prices can quickly increase transport costs, affecting household budgets and wider inflation. Summary: Chancellor Rachel Reeves announced measures aimed at reducing petrol and diesel costs for drivers. Fuel prices have risen amid global oil market instability linked to Middle East tensions. Brent crude oil prices recently reached about $120 per barrel. UK drivers currently pay about 137.51p per litre for petrol and nearly £1.51 for diesel. The gov

Why this matters: Rising oil prices linked to geopolitical conflict could increase household costs, affecting inflation, fuel prices, and borrowing rates. Summary: Chancellor Rachel Reeves warned the US-Iran conflict may increase inflation in the UK. Oil prices rose above $100 per barrel after Iran closed the Strait of Hormuz shipping route. Reeves told MPs economic impacts depend on the conflict’s severity and duration. She said rising energy costs are likely to put upward p