Gas prices increase in US & UK

The average price for a gallon of gasoline jumped 11 cents overnight to about $3.11 in the US, according to motor club AAA. Gas prices were already rising before the US launched strikes on Iran as refiners switch over to summer blends of fuel, but crude futures have risen sharply this week because of the war. On Tuesday, oil futures soared to levels not seen in more than a year as Iran launched a series of retaliatory attacks, including a drone strike on the US Embassy in Saudi Arabia.Benchmark US crude jumped 8.6% to $77.36 a barrel. Brent crude, the international standard, added 6.7% to $81.29 a barrel. Global oil prices jumped to start the week over concerns that the war will clog the global flow of crude.
In UK, gas prices also increased substantially. The near 100% rise in UK wholesale gas prices in the past 48 hours.UK gas prices rose to over 165p a therm on Tuesday which it last traded at a year after the start of the Ukraine war. It fell back to 146p a therm by early afternoon. On Monday,London Markets: British gas prices surge 42.55% and European gas climbs 30.84% following Qatar LNG suspension.

UNPRECEDENTED
The near 100% rise in UK wholesale gas prices in the past 48 hours is now the biggest two-day rise since comparable records began in the 1990s.
Bigger even than any two-day period in the early days of the Ukraine war... pic.twitter.com/sjblAp5q8y

— Ed Conway (@EdConwaySky) March 3, 2026

In the UK, the FTSE 100 index fell by 2.6% while stocks markets in France and Germany also dropped. Investors are weighing the impact of the conflict on the global economy including what it could mean for inflation and interest rates.