Heating oil prices surge amid Middle East tensions. Cornish homeowners report their heating oil bills have more than doubled since the Iranian conflict escalated, with prices jumping from approximately 62 pence to £1.30 per litre. One pensioner was quoted £724 for 500 litres of oil and expressed concerns about affording home heating. The price spike is directly linked to disruptions in the Strait of Hormuz, through which about 20 percent of the world's oil and gas is shipped. Jet fuel prices have doubled since the conflict began, with Europe relying on roughly 40 percent of its jet fuel from the Middle East. UK fuel distributors advise consumers to purchase only what they need, suggesting prices could stabilize once geopolitical tensions ease. Industry experts believe the market will see rapid price declines historically following conflict resolution.
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