Oil fell back towards $70 a barrel yesterday following a sharp reduction in fuel prices – including a record dip in diesel.
Brent crude sank as low as $70.14 – its lowest since late February, before war broke out in the Middle East and pushed the price as high as $126.
More tankers navigating the Strait of Hormuz, and a tentative peace deal between the US and Iran, have seen shipping pick up – boosting the supply of oil.
That has fed through to cheaper fuel prices on British forecourts.
The average price of diesel fell nearly 17p a litre in June to 167.14p in the biggest monthly drop since records began in 2000, according to the RAC.
