Rachel Reeves has warned that the US conflict with Iran is ‘likely to put upward pressure on inflation‘ today amid fears that drivers could face record prices at the pump.
The Chancellor told the Commons she stands ready ‘to support a co-ordinated release’ of international oil reserves to ease the economic shock of the crisis created by the attack on Tehran and reprisals on UK allies in the Gulf.
Brits are being urged to drive less today amid fears the Middle East crisis will send pump prices to record highs.
Saudi Arabia – the biggest oil supplier in the region – is said to be curbing output at two major fields in the latest sign of fallout from the war.
The news emerged as experts warned that petrol could hit £2 a litre for the first time, amid a staggering spike in global oil costs. The AA and RAC have advised drivers to cut non-essential journeys and avoid harsh acceleration and braking to conserve fuel.
The Chancellor told the Commons she stands ready ‘to support a co-ordinated release’ of international oil reserves to ease the economic shock of the crisis