Countless lives will be lost in the conflict and it’s worrying for humanity across Europe that things don’t look like calming down.
Aside from the tragedy of lost life, any potential conflict will have numerous financial consequences for people across the continent, too, including for us here in the UK.
Petrol prices have continually increased in 2022 and will do so further as the price of oil continues to rise. The price of brent crude oil looks set to go above $100 per barrel for the first time since 2014 which means the record fuel prices we saw only earlier this month will likely rise further still.
How have Russia-Ukraine tensions affected UK petrol prices?
The US, UK and EU have threatened to impose severe sanctions against Russia if it does invade Ukraine which could have a catastrophic affect on its financial markets.
Experts fear if sanctions are imposed on Russia over the exporting of its commodities such as crude oil, the cost of a barrel of oil could skyrocket further.
RAC fuel spokesman Simon Williams said drivers in the UK could be in for an “even worse ride as pump prices look certain to go up even more”.
He said: “Petrol has unfortunately hit a frightening new high of 148.02p, which takes filling a 55-litre family car to an eye-watering £81.41.
“With the oil price teetering on the brink of 100 dollars a barrel and retailers keen to pass on the increase in wholesale fuel quickly, new records could now be set on a daily basis in the coming weeks.
“The oil price is rising due to tensions between Russia – the world’s third-biggest oil producer – and Ukraine, along with oil production remaining out of kilter with demand as the world emerges from the pandemic.”
How long will it take for further increases to come?
Industry figures have warned that there may be further petrol rises to come later in the year with Luke Bosdet, the AA’s fuel price spokesman telling the i “Drivers should brace themselves for worse to come. It is one of those situations, drivers will have to grin and bear it.”
What should the motor industry be doing to help?
It remains to be seen what would happen to things like the Russian GP in the event of a full-scale invasion. Any organisation with a moral compass would surely pull out, but we're waiting to hear what statement or action, if any, global organisations like F1 and the FIA will present.
