Petrol hits 150p a liter in new blow to drivers Business

Oil has risen above $100 a barrel in recent days, the first time the price has tripled since 2014.

Brent crude was trading at around $102 a barrel on Monday, having fluctuated between $96 and $106 since Russian forces launched their assault last Thursday.

Mr Bosdet added: ‘If there is a silver lining, forecasts of 160p or even 170p-a-litre of fuel now seem over the top as the price of oil has fallen after last week’s one-day spike .”

RAC’s Simon Williams said: “Despite the wholesale market easing slightly at the end of last week as oil fell back below $100, prices at the pump will continue to rise as retailers buy oil. new stock at much higher prices.

“This week will be important in terms of oil prices because it is likely to reveal the speed of the inevitable uptrend or the extent of market volatility.”

Analysts at Dutch bank ING said the latest rise in oil prices was prompted by moves by the West to exclude several Russian banks from the Swift international payments messaging system.

Warren Patterson, its Head of Commodities Strategy, said: “The market is clearly nervous as the sanctions become more and more restrictive. The growing risk of sanctions has reduced the appetite of many industry players to engage in Russian oil.