Oil price surges to almost $100 per barrel as Boris returns empty handed from Saudi


While oil prices have dipped below $100 per barrel for the first time since the beginning of March, petrol prices are still soaring at 163.71p per litre earlier this week. Diesel is reaching even higher levels at 173.68p, reported the BBC.

The price of a barrel of Brent crude oil is currently sitting at $99.84, an increase of 1.86 percent.

At one point the price of oil hit a 14 year high, but has since dropped back down slightly as the possibility of a ceasefire in Ukraine has been debated.

The Prime Minister travelled to the Middle East this week to meet with Saudi Crown Prince Mohammed bin Salman and Crown Prince of Abu Dhabi Mohammed bin Zayed with hopes of striking a deal with the major oil powers.

The UK is under pressure to wean itself of Russian oil and gas, after imports were banned from the end of this year as part of sanctions against Moscow.

Ministers have argued that the UK needs to achieve energy “independence” after the conflict in Ukraine.

The Telegraph reported that Mr Johnson was “optimistic that production would increase in the Gulf states and that it was in the interests of both leaders to avoid economic damage to the West created by inflation”.

Downing Street said the PM had emphasised his “deep concerns about the chaos unleashed by Russia’s unprovoked invasion of Ukraine, and stressed the importance of working together to improve stability in the global energy market”.

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The Labour party hit back at Mr Johnson for “going cap in hand from dictator to dictator” as Saudi Arabia’s human rights record continues to cause concern.

Last week the country executed 81 people in a single day, more than in the whole of 2021.

The UK Government reinforced the message it was “firmly opposed to the death penalty in every country as a matter of principle”, but acknowledged things in Saudi were “changing”.


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