ESCALATING tensions with Iran in the Persian Gulf could push up prices at UK fuel pumps, drivers have been warned.
The Strait of Hormuz, where a British oil tanker was seized by Iran on Friday, links the Middle East’s crude oil producers with key markets around the world.
Between one-fifth and one-sixth of the world’s oil moves through the strait – around 17 million barrels per day, as well as around a third of the world’s gas supply.
Oil and gas prices will be affected if tensions in the area continue to rise, leading experts have warned.
The AA added that prolonged uncertainty over the safety of international ships carrying oil through the Strait of Hormuz could keep UK petrol prices at already high levels this summer.
The UK has warned Iran there could be “serious” diplomatic consequences if it does not release the Stena Impero tanker, suggesting there could be more disruption ahead.
Bob Sanguinetti, from the UK Chamber of Shipping, said there is “no alternative route in and out of the Gulf”.
He told the BBC: “If this is to endure then clearly it’s going to impact on trade routes, trade patterns and ultimately the price of those goods going through the Strait because they are going to have to be sourced from elsewhere.”
‘BAD NEWS FOR DRIVERS’
The situation is “bad news all round for drivers” who are already facing the highest July petrol prices since 2014, said the AA’s Luke Bosdet.
Mr Bosdet, the organisation’s spokesman on fuel prices, said: “I think what this is likely to do is to make sure that there is no relief for the holiday driver from petrol prices which are at their highest for a July over the past five years.
“Our big fear is that the cost of fuel may get worse if the tensions continue.”
He added that drivers are also paying the price for a weak pound, as oil is traded in dollars.
BRITS COULD BE ‘SQUEEZED’ AT PUMP
The AA said oil prices have gone up by around six dollars a barrel in the past month and that petrol across the country averaged 128.35p a litre and diesel was around 131.38p at the beginning of the week.
Mr Bosdet said: “A weaker pound means higher prices at the pump. Drivers are being squeezed in this vice of higher oil prices and a weaker pound.”
British-linked tankers the Stena Impero and Mesdar were stormed by Iran’s Revolutionary Guards in the Gulf on Friday.
Satellite photos show the stricken Stena Impero next to the Iranian port town of Bandar Abbas after it was dramatically seized in the Strait of Hormuz.
The first pictures have also emerged from inside the tanker – showing the captive crew huddled on the floor and surrounded by makeshift bedding.
Foreign Secretary Jeremy Hunt has vowed to protect ships in the Gulf with a Europe-wide naval task force as tensions with Iran continue to rise.
COULD IRAN BLOCK THE STRAIT?
There are now fears that Iran might try to block the strait, effectively choking off access to the oil-rich Persian Gulf.
David Balston, head of the UK Chamber of Shipping, warned this would “drive up oil prices significantly”.
“There are oil terminals outside of the Gulf but they are limited so you would have to find markets elsewhere,” he told the BBC.
“It would significantly push up petrol and gas prices in the UK,” he adds, because 5% of the country’s oil and 13% of its natural gas passes through the Strait of Hormuz.
Global oil prices have been volatile in recent weeks because of the tensions, but it’s “not been too dramatic”, says John Hall, chairman of the Alpha Energy Group consultancy.
ESCALATING TENSIONS
The seizure of the two British-linked oil tankers came two weeks after Royal Marines seized a supertanker believed to be carrying Iranian crude oil to Syria on July 4.
The oil tanker Grace 1 was detained on suspicion it was breaking European sanctions by taking oil to Syria.
Iran has since been threatening to seize a British tanker in retaliation if the Grace 1 is not released.
Three Iranian boats also tried to seize a BP oil tanker as it passed through the Strait of Hormuz on Wednesday July 10.
Royal Navy frigate HMS Montrose – which was escorting the tanker through the flashpoint region – was forced to sail in front of the boats.
After quickly training its 30mm deck guns on the enemy boats, deploying its Wildcat helicopter and issuing a radio warning, the Iranian boats scarpered.
HMS Duncan was then deployed to patrol the busy shipping lane as all UK flagged vessels were put on the highest security alert level.
FLASHPOINT
But an Iranian bomb boat was found in its path, meaning the HMS Duncan could have been destroyed by the unmanned attack ship packed with explosives, the Mirror reports.
Iran had earlier been blamed for a series of devastating sea mine attacks on US-linked oil tankers in the Strait of Hormuz.
Last month, Trump called off a planned airstrike on Iranian military targets at the last minute in retaliation for the shooting down of an unmanned US drone.
Yesterday, US warship the USS Boxer downed an Iranian drone near the Persian Gulf with officials saying they used electronic jamming to bring the unmanned craft down.
Iran though completely denied this saying the US had mistakenly downed one of its own drones.
Iran has been squaring up to the West as it reels over the scrapping of the so-called nuclear deal by the US.
ESCALATING TENSIONS: Timeline
July 4: Royal Marines off the coast of Gibraltar seize an Iranian supertanker suspected of carrying oil to Syria
July 11: HMS Montrose trains its guns on Iran gunboats trying to hijack a British tanker, the BP-owned Heritage
July 18: President Donald Trump reveals the US Navy shot down an Iranian drone in the Strait of Hormuz after warnings were ignored
July 19: Two Brit oil tankers including Stena Impero seized by Iran’s Revolutionary Guard
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