UK households are facing renewed pressure on their finances as global oil prices remain elevated following the Middle East conflict that began in late February. Petrol prices have exceeded 150 pence per litre — the highest level in almost two years — while diesel has risen by over 40 pence per litre since disruption to oil flows through the Strait of Hormuz pushed Brent crude above 110 dollars a barrel. The Bank of England, which held interest rates at 3.75 per cent in June, has warned that inflation — currently 2.8 per cent — is projected to rise further through the rest of 2026 as energy and transport costs feed through into wider prices. The current 5 pence per litre fuel duty reduction is due to expire at the end of August, raising fears of further pressure at the pumps this autumn. Food price inflation has also risen, compounding the squeeze on family budgets and particularly affecting those on the lowest incomes. See