Iran fires missiles at Jordan after American strikes on its sites along the Strait of Hormuz
Fighting around the Strait of Hormuz stepped up and Brent crude climbed to nearly $96 a barrel. A 1,000-litre fill costs about £975 before VAT (about £1,020 including VAT), roughly £35 more than on Tuesday and the dearest since late May.
What changed
The fighting around the Strait of Hormuz, the sea lane that carries about a fifth of the world's oil, has stepped up since Tuesday's brief. American forces struck Iranian radar, air defence and mine-laying sites along the Strait on Tuesday, Iran answered overnight with 13 missiles at Jordan and drones at Bahrain, both hosts to American forces, nearly all shot down, and President Trump has promised a much harder response if Iran fires again.
Two tankers were also hit by unexplained projectiles off Oman at the weekend. Separately, Russia's refineries were due to start selling diesel abroad again this week, but at the end of last week Moscow kept that door shut until at least the end of September after a record month of Ukrainian drone strikes on its plants.
The fill on 2 September
Brent crude has climbed to nearly $96 a barrel since Tuesday, and heating oil has moved with it. A 1,000-litre fill now costs about £975 at the UK average on our tracker, roughly £35 more than on Tuesday.
That is more than £80 up on a week ago and the dearest a fill has been since late May. The pound has also slipped to about $1.35 this week, which adds a little more, because oil is bought in dollars.
A fill in the month to 2 September
1,000 litres · including 5% VATView the daily figures
| Date | 1,000 litres, incl VAT |
|---|---|
| 3 Aug 2026 | £956.04 |
| 4 Aug 2026 | £936.41 |
| 5 Aug 2026 | £931.40 |
| 6 Aug 2026 | £923.98 |
| 7 Aug 2026 | £921.21 |
| 8 Aug 2026 | £902.89 |
| 9 Aug 2026 | £902.89 |
| 10 Aug 2026 | £870.39 |
| 11 Aug 2026 | £928.96 |
| 12 Aug 2026 | £916.60 |
| 13 Aug 2026 | £933.61 |
| 14 Aug 2026 | £916.26 |
| 15 Aug 2026 | £933.39 |
| 16 Aug 2026 | £933.39 |
| 17 Aug 2026 | £901.77 |
| 18 Aug 2026 | £927.94 |
| 19 Aug 2026 | £928.46 |
| 20 Aug 2026 | £924.53 |
| 21 Aug 2026 | £940.78 |
| 22 Aug 2026 | £934.85 |
| 23 Aug 2026 | £934.08 |
| 24 Aug 2026 | £917.97 |
| 25 Aug 2026 | £903.30 |
| 26 Aug 2026 | £863.27 |
| 27 Aug 2026 | £871.21 |
| 28 Aug 2026 | £892.13 |
| 31 Aug 2026 | £910.59 |
| 1 Sep 2026 | £984.19 |
| 2 Sep 2026 | £1003.20 |
The background
The story of this year is still that the world has enough crude oil but not enough working refineries to turn it into fuel. The war around the Strait of Hormuz has disrupted the Gulf's tankers and refineries since February, and Ukraine's drones have hit most of Russia's big refineries, leaving Russia processing less oil than at any time since 2005.
Europe closed around 30 of its own refineries between 2009 and 2024, so it depends on imported diesel, and because heating oil comes out of the same part of the refinery as diesel and jet fuel, it feels every shortage first.
Even so, a litre is still about 40p below the 137.6p peak reached in March.
What to watch
First, whether Iran's overnight missiles bring the harder American strikes President Trump has promised, and whether tankers keep moving through the Strait: Monday saw more oil shipped through it than on any day since the war began, by Washington's count, and prices rose anyway because traders are paying up in case it does not last.
Second, 30 September, when Russia decides whether its refineries may sell diesel abroad again, with officials in Moscow already talking about keeping the ban until the end of the year.