Why UK diesel prices have hit an all-time high

Crude oil is a key ingredient in petrol and diesel, which means that higher wholesale costs make filling up a car more expensive. The price of petrol and diesel is also heavily influenced by demand and refining capacity.

Analysts say every $10 (£7.44) per barrel increase in the oil price pushes up pump prices by roughly 7p a litre.

Since the war began, the price of a barrel of Brent crude – the global benchmark for wholesale oil prices – has been very volatile.

Generally speaking, news of further conflict drives the price up while hopes of an end to the war pushes the price down.

Additionally, Russia has implemented an export ban on diesel, following attacks on its refineries by Ukraine, further limiting supply.

Before the Middle East conflict, Brent was trading just over $70 a barrel but the fighting saw it peak at above $120.

In early July, after the framework deal was signed, prices fell back to near the $70 mark.

The price climbed back up again after peace talks collapsed and it is now above $100 a barrel.

Source: bbc.co.uk