Drivers face higher prices at the pump as oil prices fluctuate on the back of escalating Middle East tensions.

With increased tensions in the Middle East, the cost of oil is only likely to go up, which could push petrol well above 150p a litre

Reports that an Israeli missile hit Iran overnight saw Brent crude, the international benchmark, top $90 a barrel before falling back as Iranian media appeared to downplay the impact of the Israeli strike.

It’s sparked new concerns over the potential for a wider conflict that could endanger oil supplies.

Earlier this week, the RAC warned that drivers face paying more than 150p per litre for fuel due to the escalating events in the Middle East.

RAC fuel price spokesperson Simon Williams said: “With increased tensions in the Middle East, the cost of oil is only likely to go up, which could push petrol well above 150p a litre.”

RAC data also shows that fuel prices have already gone up 9p a litre so far this year, adding £5 to the cost of filling up an average family car.

According to Government data, the average price of a litre of unleaded at UK forecourts currently stands at 148.5p, compared with 140.8p at the start of the year. Average pump prices for diesel have increased to 157.5p a litre.

“Both petrol and diesel are now the most expensive they’ve been since November last year which is bad for households, businesses and the economy, especially as we know there is a close link between fuel prices and inflation,” said Williams.

The AA has also warned that average fuel prices could exceed the 150p a litre barrier soon.

Luke Bosdet, fuel price spokesperson for AA, warned: “It is a psychological shock that shouts out from the price boards each time motorists drive past. The worst part is that petrol prices will be spurred on by the inflationary pressures of higher demand as the US motoring season looms.

“The early part of the summer could be a tough time for UK motorists.”

However, while diesel is getting close to 160p, the RAC has said this is purely down to retailers taking much bigger margins as there’s only been a few pence between the wholesale prices of both fuels since mid-March.”

Simon Williams continued: “We find it hard to believe that a margin of 13p a litre on diesel – compared to the long-term average of 8p – is fair. This surely won’t go unnoticed by the Competition and Markets Authority, which only two weeks ago expressed its concern about higher retailer margins.”