Overview
- Brent crude, after a two‑week truce was announced Wednesday between the US and Iran, fell about 13% to roughly $94–$95 a barrel before edging back near $97 on Thursday.
- UK pump prices remain elevated with diesel averaging about 190–191p a litre and petrol near 157–158p, and analysts say it could take weeks or even months for cheaper crude to filter through.
- Shipping data show tankers still skirting the Strait of Hormuz despite the ceasefire, with Kpler tracking only a handful of vessels transiting and logistics experts warning conditions are far from normal.
- South Africa’s energy data point to large May under‑recoveries—roughly R3.52–R3.93/litre for petrol, R11.50–R11.55 for diesel, and about R9.12 for illuminating paraffin—prompting union calls to extend relief to paraffin‑reliant low‑income households.
- RAC Foundation estimates suggest the UK Treasury has gained an extra £100m–£170m in VAT from higher pump prices, sharpening debate over temporary tax relief as households, charities, and small firms absorb higher fuel costs.