Last updated: 13 Mar. Even the release of 400 million barrels of reserves announced recently [2] didn't really put a dent in the oil price which is still up around $100 a barrel. Clearly Putin will benefit, but it's less clear that this is going to put any real downward pressure on UK pump prices. This is the second time in a matter of years we've seen this kind of spike. More British drivers may now be leaning towards EVs as while charging prices could go up a bit, they will generally be much cheaper to charge."

Source: The Guardian March 13, 2026 16:00 UTC