UK drivers are stealing fuel as pump prices jump amid an escalating Middle East conflict, with thefts now costing nearly $270,000 a day. Petrol and diesel prices have surged since the conflict intensified, and prediction markets now put the odds of crude oil hitting a new all-time high by September 30 at 3.9%.
UK drivers are resorting to fuel theft as pump prices climb amid the escalating Middle East conflict, with thefts now costing nearly $270,000 daily, according to OilPrice.com data cited by Crypto Briefing.
Petrol prices have climbed from 131.7p to 157.6p per litre since the conflict escalated. Diesel prices have risen from 141.5p to 191.2p per litre over the same period. The increase reportedly stems not from a supply shortage but from the steep price spikes themselves.
The jump in theft aligns with a broader rise in forecourt crime, which appears to correlate with the conflict's impact on global crude oil prices. As the situation remains volatile, market participants are closely watching geopolitical developments for their potential influence on oil supply and pricing. The developments could indicate potential future shifts in global oil markets, with implications for pricing and availability, according to the report.
Prediction markets are also reflecting heightened concern about a potential new all-time high, with the chance of crude oil reaching a record by September 30 now at 3.9% YES, a slight increase from earlier levels. Analysts say further escalation in the Middle East could be consistent with that outcome, while changes in OPEC production policy or shifts in global oil demand could also significantly influence pricing and expectations.
Source: Crypto Briefing
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