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Petrol prices on UK forecourts hit 150p a litre

Oil prices have fallen after they spiked in the wake of Israel's retaliatory attack on Iran last week. Caroline Bain, chief commodities economist at Capital Economics, said: "Given that there will be some lag between spot crude oil prices in financial markets and prices on the forecourt, the latest rise is perhaps not so surprising."

Ms Bain said: "We think that oil prices may well rise in the near-term if there is a further escalation of tensions in the Middle East, but that they will start to fall in the second half of this year."

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