London mayor Sadiq Khan has urged residents to avoid panic buying amid rising fuel prices linked to the ongoing conflict in the Middle East, particularly following Iran’s closure of the Strait of Hormuz, a key oil transit route. Fuel prices have surged by nearly 2.5p per litre since the escalation of hostilities, with some petrol stations reporting shortages. Despite these concerns, experts believe average petrol prices may stabilize around 136p, as the UK government monitors the fuel supply situation closely.
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