Key facts:

• Queues are stretching for six miles, causing delays of around 45 minutes.
• There are also severe delays on the anticlockwise carriageway, with queues extending back towards Heathrow Airport and J13.
• The early May bank holiday is expected to be the busiest on roads in ten years.
• About 19 million trips are forecasted over the May bank holiday weekend.
• 3.7 million people are set to hit the roads today, labelled ‘Frantic Friday’.
• Saturday is expected to be the busiest day of the entire weekend with four million trips planned.

National Highways reported that Surrey Police are now on scene with traffic officers. They confirmed there are currently delays of 45 minutes and six miles of congestion on approach. Sean Kimberlin from RAC noted that even though fuel prices are uncomfortably high, it takes a lot to stop drivers from taking to the roads during a bank holiday weekend.

Average petrol prices stand at 157.17 pence per litre, while diesel prices average at 189.23 pence per litre. The cost to fill up a family car with unleaded fuel is around £86.

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The total fuel bill for Air France-KLM is projected at $9.3 billion for 2026, marking a $2.4 billion rise compared to 2025. Concerns about the blockage of the Strait of Hormuz have pushed Brent crude prices to a four-year high of $126 per barrel, significantly impacting the airline industry.

In the first quarter of 2026, Air France-KLM reported an operating loss of €27 million, which was better than the €389 million loss projected by analysts. KLM’s Back on Track improvement program helped generate €159 million in savings during this period.

KLM CEO Marjan Rintel stated that ongoing geopolitical uncertainty and sharply increased fuel prices will pressure results starting from the second quarter. She emphasized that KLM cannot fully pass on these high fuel prices to customers, which will further impact profitability.

Ben Smith, CEO of Air France-KLM, described the operating environment as “uncertain.” He acknowledged the challenges posed by rising fuel prices and their effects on capacity growth and overall financial performance.

Looking ahead, analysts anticipate continued volatility in fuel prices due to geopolitical factors. The airline must navigate these challenges while implementing cost control measures to mitigate potential operating losses.

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As the conflict in the Middle East escalated, petrol stations across the UK began to experience significant fuel shortages. Just before the key developments unfolded, the situation was already tense, with rising costs affecting fuel availability. On October 1, 2023, Asda issued a warning about temporary shortages at petrol pumps, attributing the issues to high demand and supply chain disruptions caused by the ongoing conflict.

By early October, petrol prices had surged above 150p a litre for the first time since May 2024, reaching an average price of 150.11p. This increase was mirrored in diesel prices, which climbed to an average of 177.68p per litre. The situation worsened as petrol stations in Scotland were forced to close due to running out of fuel, particularly in areas like Dundee and Fife, where drivers reported multiple stations out of service.

On October 2, 2023, the average price of diesel at UK forecourts reached 184.2p, marking a staggering 29% increase since the conflict began on February 28. Meanwhile, average petrol prices had risen to 153.7p per litre, reflecting a 16% increase over the same period. The rising costs have led to a significant impact on consumers, with the cost of filling the average family car with diesel exceeding £100 for the first time in over three years.

Allan Leighton, a spokesperson for Asda, commented on the situation, stating, “Our fuel volumes are up quite significantly and clearly demand has been outstripping supply. Supply is tight and we are all trying hard on that.” He further noted that the current spikiness in supply could lead to temporary shortages, but assured that these issues are being addressed quickly.

Despite the challenges, a spokesperson for Fuels Industry UK maintained that the supply of petrol and diesel in the UK was stable, although the situation remains fluid. Simon Williams from the RAC advised drivers on long journeys to plan their refueling carefully, given the current volatility in fuel availability.

As the situation continues to evolve, the implications for consumers and businesses are significant. The rising fuel prices and shortages not only affect individual drivers but also have broader economic impacts, particularly for those reliant on transportation for goods and services.

In summary, petrol stations across the UK are facing fuel shortages today due to a combination of high demand and supply issues linked to the conflict in the Middle East. With prices rising sharply, the situation is being closely monitored by industry leaders and consumers alike, as they navigate the challenges posed by these developments.

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Before the recent drone attack, Dubai International Airport was operating normally, serving approximately 500,000 passengers daily across its terminals. The airport had been a key hub in the region, facilitating travel and commerce without significant interruptions.

However, the situation changed dramatically when a drone struck a nearby fuel tank, prompting immediate action from airport authorities. As a result, flights were suspended, and five flights from UK airports had to return to their points of origin due to operational disruptions. An Emirates spokesperson confirmed, “We can confirm the flight [EK24] returned to Edinburgh due to operational disruption.”

In the immediate aftermath, traffic was temporarily halted on road and tunnel links with the airport, further complicating the situation for travelers. Fortunately, no injuries were reported from the incident, allowing authorities to focus on restoring normal operations.

Flights began to gradually resume to selected destinations following the attack, but the incident marked the third drone attack at Dubai airport since Iran commenced its assaults on Gulf nations on February 28. This escalation in drone activity has raised alarms about regional security and the safety of air travel.

The broader context reveals that the UAE has faced more than 2,000 missile and drone attacks since late February, a trend that has contributed to soaring fuel prices and heightened tensions in the region. The ongoing conflict involving the US, Israel, and Iran continues to disrupt global aviation, impacting not only the UAE but also neighboring countries.

Experts suggest that the frequency of these attacks may lead to increased security measures at airports and a reevaluation of flight routes in the region. As the situation develops, the implications for air travel and regional stability remain significant.

In light of these events, travelers and airlines alike are urged to stay informed about potential disruptions and to exercise caution when planning flights to and from affected areas. The ongoing conflict underscores the need for vigilance in ensuring the safety of air travel.

Details remain unconfirmed regarding the full extent of the attack’s impact on future operations at Dubai International Airport, but the situation is being closely monitored by aviation authorities and security experts.

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The Trump administration is preparing to issue a temporary suspension of the Jones Act, which mandates that goods shipped between two U.S. ports must be transported on American-built, owned, flagged, and crewed vessels. This potential waiver comes as U.S. gasoline prices have surged to $3.60 per gallon, the highest level since May 2024, and diesel prices have risen to $4.89 per gallon, the highest since late 2022.

The proposed waivers, which would last for 30 days, aim to allow foreign tankers to supply refiners on the U.S. East Coast with fuel from the Gulf Coast. This move is seen as a response to the escalating conflict with Iran and the need to mitigate the impact on fuel prices.

Historical Context and Previous Waivers

The Jones Act has historically been suspended only during significant national emergencies, such as hurricanes or severe supply disruptions. The last waiver was issued in October 2022 for a tanker supplying Puerto Rico after Hurricane Fiona. Additionally, the Biden administration temporarily eased the law in 2021 for refiner Valero Energy following a cyberattack.

White House spokesperson Katherine Leavit noted, “The administration is considering waiving the Jones Act for a period, though she noted the action had not been finalized.” This indicates that while discussions are underway, details remain unconfirmed.

Economic Implications

With gasoline prices on the rise, the waiver could potentially slow price increases by roughly five to ten cents per gallon. The current situation is exacerbated by the shrinking number of qualifying ocean-going vessels under the Jones Act, which has decreased from 193 to just 92.

The policy has strong backing as a national security measure, designed to support the domestic shipbuilding industry and maintain a U.S. merchant fleet. However, any suspension of the Jones Act is politically sensitive due to the strong support it commands from maritime unions.

The administration’s consideration of this waiver reflects the urgent need to address rising fuel prices and ensure a stable supply amidst ongoing geopolitical tensions. As discussions continue, the implications for both the economy and national security remain a focal point of concern.

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Fuel prices in the UK have seen notable increases, with petrol currently priced at 137.51p per litre and diesel nearing £1.51 per litre. This surge follows a peak in Brent Crude Oil prices, which have reached around $120 (£89).

Government Response

In response to rising fuel costs, Chancellor Rachel Reeves announced an extension of the 5p per litre cut in fuel duty for an additional five months. Reeves emphasized, “In November, I extended the 5p per litre cut in fuel duty for a further five months and ensured that fuel duty will not increase in line with inflation this year.”

Market Vigilance

The Competition and Markets Authority has been instructed to remain vigilant regarding fuel prices as they continue to fluctuate. Experts are advocating for further cuts in fuel duty to alleviate the financial burden on motorists.

Fuel prices have been particularly volatile since the aftermath of the Russian invasion of Ukraine in 2022, when petrol and diesel prices peaked across the UK. The current situation is reminiscent of those turbulent times, as prices are again on the rise.

Gas Price Increases

Additionally, gas prices have surged from 78p/therm to 161p/therm within a week, raising concerns among consumers and industry experts alike. Simon Cran-McGreehin noted, “Although gas prices are a long way off the record highs seen following Russia’s invasion of Ukraine, the rates of current increases is worrying.”

As the situation develops, observers will be closely monitoring the impact of these rising fuel prices on the economy and consumer behavior. Details remain unconfirmed regarding any potential further interventions from the government or changes in market dynamics.

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On February 28, a series of joint air strikes by the US and Israel against Iran, coupled with the assassination of the nation’s supreme leader Ayatollah Ali Khamenei, triggered a surge of escalating conflicts across the region.

Impact of Middle East Conflicts

A significant portion of the world’s oil supply comes from the Middle East, and ongoing conflicts in the area pose a risk to global distribution. This situation has led to a surge in fuel prices in the short term.

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Increased fuel prices can swiftly impact your budget, even if the turmoil is occurring far from your location.

Rising Energy Costs

“Fuel prices serve as the primary mechanism through which geopolitical developments can influence inflation, affect economic growth, and shape central bank policies,” stated John Husselbee, the head of multi-asset investments at Liontrust.

What has caused the surge in oil prices after the onset of the conflict, and how might this impact inflation in the UK, interest rates, and the cost you incur at the fuel station?

The influence of the Middle Eastern conflict on fuel prices

Inflation and Oil Market

On Monday, March 2, futures prices for Brent Crude oil started at $78.37 per barrel, reflecting an increase of 8.1% from the previous Friday’s close on February 27, and peaked at $80.26 during the trading session.

In addition to increased global instability, a significant risk that the conflict presents to the world economy is the possible shutdown of the Strait of Hormuz, a narrow maritime route connecting the Persian Gulf to the Gulf of Oman, through which approximately one-fifth of the globe’s oil flows, impacting fuel prices.

It seems that this situation has already unfolded. Reports indicate that Iran’s Revolutionary Guards have announced restrictions on shipping through the strait and have allegedly claimed responsibility for attacks on three tankers from the UK and the US on Sunday.

Expert Insights on Financial Trends

“From a worldwide standpoint, nearly everything depends on the Strait of Hormuz and the consequences of any disruption to global fuel prices,” stated John Wyn Evans, head of market analysis at the wealth management firm Rathbones. “Current oil prices already incorporate a significant risk premium, suggesting an anticipation of a limited yet substantial interruption to shipping; however, analysts warn that the effects would escalate rapidly if the closure were to extend.”

In what ways does the price of oil influence the cost of fuel prices?

One of the most immediate effects of rising oil prices is their influence on the amount you spend at the fuel station, as oil is the primary component in gasoline and diesel.

Nonetheless, the effect may not be as significant as you might assume (especially if you reside and drive in the UK). This is due to the fact that over half of the cost of a litre of petrol is made up of taxes. Fuel duty represents about 40% of the total amount you pay at the fuel station, while VAT contributes an additional 17%.

A surprising advantage of our high petrol taxes is that fuel prices tend to be less affected by fluctuations in oil prices compared to other nations.

In the UK, the cost of crude oil contributes only 26-29% to the total price of a litre of petrol. This implies that a 10% increase in global oil prices could potentially raise petrol prices by as much as 3%, although the actual impact may be more complex.

Increasing oil costs may lead to a rise in petrol prices in the UK, although this effect is lessened by the share of taxes in fuel pricing. (Image credit: Chris J. Ratcliffe/Bloomberg via Getty Images)

If the inflationary effects mentioned earlier persist, they will influence the Bank of England’s decisions regarding interest rates.

An ongoing rise in inflation could create significant challenges for both policymakers and consumers, potentially hindering plans for further interest rate reductions in the UK, according to Chris Beauchamp, the chief market analyst at the investment platform IG.

A significant oil supply crisis could trigger a worldwide slowdown in economic activity. “In the scenario of a global oil shock, the consequences would encompass rising inflation and a decline in various economic indicators, particularly industrial output where fuel prices play a crucial role,” stated Samy Chaar, chief economist and CIO Switzerland at Lombard Odier.

Ways to safeguard your finances against rising fuel prices

Although there is not much you can do to shield yourself from the likelihood of increased fuel prices at the pump (other than possibly opting for an electric vehicle), there are measures you can implement to safeguard your investments against any potential inflation linked to oil and the broader consequences of the ongoing conflict.

Gold is frequently regarded as a safeguard against inflation, making it a viable option to consider adding to your investment portfolio if you haven’t done so already. Following the onset of the conflict, gold prices surged to nearly record levels, bolstered by its reputation as a secure asset.

Husselbee from Liontrust emphasizes the necessity of a well-rounded multi-asset portfolio that offers varied exposure across different regions, sectors, and asset classes. However, he also warns against impulsive adjustments to your investment strategy based on current news headlines.

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