UK facing record fuel prices amid Iran-Israel tensions
Ongoing tensions between the US Israel, and Iran are hitting wallets in the UK
Gasoline now averages 142.62 pence per liter, the highest in a year and a half, while diesel has jumped over 20 pence to 162.66 pence.
The main reason? Fewer oil shipments through the Strait of Hormuz, which handles about one-fifth of global oil trade.
Mortgage rates are climbing
It's not just at the pump: global crude prices spiked to nearly $120 per barrel before settling near $100, pushing up US gas prices too (now averaging $3.72 per gallon).
In the UK mortgage rates are climbing; a typical two-year fixed deal is now 5.3%, adding around £788 extra each year on a 25-year, £250,000 mortgage (based on an average two-year fixed rate of about 5.28%).
Heating oil prices could keep rising
If you use heating oil or worry about energy bills this summer, brace yourself: prices for heating oil aren't capped and could keep rising.
The government has set aside £53 million to help low-income rural households, but when the current energy price cap ends in July, bills could spike even more if market prices stay high.