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  • Writer's pictureBy The Financial District

Oil Prices Rise After Iran Seizes Tanker

Oil prices have surged following Iran's seizure of a tanker off the coast of Oman, sparking concerns about a potential increase in fuel prices.

The seizure of the oil tanker by Iran raises concerns about escalating conflicts in the Middle East and could, in turn, influence UK Fuel prices.

The oil tanker, en route to Turkey, was intercepted by armed men on Thursday, who directed it to sail to an Iranian port, as reported by Sam Gruet and Katy Austin for BBC Business.

In response to the incident, the price of Brent crude oil experienced a more than 2% increase, reaching $78.40 per barrel.

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Simultaneously, the UK government has simulated scenarios projecting potential disruptions in the Red Sea, anticipating adverse impacts on the British economy.

According to BBC reports, the Treasury has contemplated a potential rise of at least $10 (approximately £7.83) per barrel in the international price of crude oil and a 25% increase in the price of natural gas.

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Europe, in particular, has become increasingly reliant on gas exports through the Gulf and the Straits of Hormuz.

The seizure of the oil tanker by Iran, portrayed by local state media as retaliation for the previous year's hijacking of the same vessel by the US, raises concerns about escalating conflicts in the Middle East, which could, in turn, influence UK fuel prices.

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