Overview
- Brent crude briefly touched about $118 before hovering near $114–$117 on Thursday, reaching levels not seen since 2022 after renewed strikes on Gulf energy sites.
- U.S. averages rose to roughly $3.88 per gallon for gasoline and about $5.09 for diesel, with GasBuddy’s Patrick De Haan putting the chance of a $4 national gasoline average at about 90%.
- Governments moved to counter the shock through an IEA‑coordinated emergency stock release and U.S. measures that include a temporary Jones Act waiver and limited sanctions easing.
- UK pump prices climbed to around 142.62p per litre for petrol and 162.66p for diesel, with queues reported in Bristol and scrutiny of planned fuel duty increases.
- Supply disruption is stoking inflation risks as European gas prices spiked up to 35%, the Federal Reserve flagged uncertainty, and surging diesel threatens higher transport and food costs.