Oil prices have surged past $100 a barrel for the first time since 2022 — touching $119.50 intraday on March 9. In total, crude has rocketed over 65% since the start of 2026. In a single week, diesel prices in Europe have doubled in some markets, and gasoline has jumped 16% in the US. The reason: the US-Israeli war on Iran has effectively blocked the Strait of Hormuz, through which a fifth of the world's oil flows.

If you need a tow truck, vehicle transport, or you work as a tow operator or carrier, this directly impacts you. Here's what's happening, with real data as of March 9, 2026, and what you can do — whether you're a customer or a professional.

What's happening with oil (and why this time is different)

Since the US-Israeli attack on Iran in late February 2026, energy markets have deteriorated at an unprecedented pace:

Brent crude (international benchmark) touched $119.50 per barrel on March 9 in Asian trading — the first time above $100 since Russia's 2022 invasion of Ukraine. It settled around $108 after the opening. WTI (US benchmark) rose to $107.82 (source: Reuters, oilpriceapi.com).
Crude is up 65% since January, when it was around $60.
Goldman Sachs warned Friday that oil would surpass $100 — it happened within 48 hours. They now warn of $150 by the end of March without a solution.
The Strait of Hormuz has been virtually closed for a week: only 10% of normal tanker traffic is getting through. About 200 vessels are stranded.
Over the weekend, at least 5 energy sites around Tehran were hit by airstrikes. Iran struck a Saudi refinery, an LNG plant in Qatar, and Bahrain's refinery (which declared force majeure).
Kuwait announced a precautionary production cut.
Roughly 9 million barrels per day are off the market — a 20 million barrel/day deficit according to analysts.
The G7 is discussing a joint release of strategic oil reserves to stabilize prices.
Iran's Revolutionary Guard warns: "If you can tolerate oil at more than $200 per barrel, continue this game."

For context: according to Goldman Sachs, the supply impact is 17 times larger than the peak disruption in April 2022 after Russia invaded Ukraine, which pushed oil to $110 per barrel. Global stock markets plunged: Nikkei -5%, Kospi -6.6%, European markets down 1-1.8%.

How fuel prices are reacting

In the United Kingdom — prices as of 9 March 2026

UK fuel prices have hit their highest in nearly 20 months, with further rises expected. Here are the latest figures (source: RAC, AA, The Independent):

Fuel	Price per litre	Increase since 28 Feb
Unleaded petrol	137.51p/L	+4.68p
Diesel	150.97p/L	+8.59p

Filling a 55-litre family car now costs up to £4.72 more than just over a week ago.

What the experts say

AA president Edmund King: "Drivers should consider cutting out non-essential journeys." Any time Brent passes $100/barrel "raises concern across markets, for the haulage industry and drivers."
RAC head of policy Simon Williams: "Unleaded is almost certainly going to reach 140p in the next week, while diesel looks highly likely to climb to at least 160p/L."
ECIU analysis: Oil at $100/barrel = petrol at 150p/L. Oil at $120/barrel = petrol at 170p/L.

What is the UK government doing? (9 March)

PM Keir Starmer warned: "The longer this goes on, the more likely the potential for an impact on our economy, impact into the lives and households of everybody and every business." He said the government's job is to "get ahead, look around the corner" (The Guardian, 9 March).
Chancellor Rachel Reeves speaks to the Governor of the Bank of England "on a daily basis" to assess risks.
G7 finance ministers — including the UK — held a conference call today to discuss the crisis and a possible joint release of strategic oil reserves.
No concrete fuel relief measures have been announced yet. Starmer is facing pressure from unions and some Labour backbenchers to prepare support packages for businesses and consumers.
Ofgem chief Jonathan Brearley said the UK is in a "significantly stronger position" than in 2022, but warned of "significant upward pressure" on energy bills if Hormuz remains closed.
Energy bills could rise by £160/year according to The Guardian's analysis (4 March).
Unlike France (500 controls), Germany (profiteering investigation) or Portugal (ISP tax cut), the UK has not yet taken any direct action on fuel prices.

Impact on UK transport and towing

UK hauliers face immediate margin pressure — diesel is their largest operating cost.
The Petrol Retailers' Association (PRA) warned that some forecourts will pass higher wholesale costs on faster due to the nature of their fuel-buying contracts.
Breakdown and recovery services are directly affected: every callout costs more fuel.

Across Europe and the world (9 March)

| Country | Diesel | Petrol | Key fact | | ------------ | ---------------------------------------------- | -------------- | ---------------------------------------------- | --- | | Germany | €2.13/L | €2.05/L | Crossed €2 — queues at pumps (SWR, 16h) | | Italy | €1.965/L (motorway full-service: €2.276/L) | €1.782/L | CNA Fita: +€2,400/year per truck (Staffetta) | | | France | ~€2.00/L | ~€1.85/L | PM Lecornu: 500 controls at stations (DGCCRF) | | | Spain | €1.735/L | €1.647/L | Government preparing "financial shield" | | Portugal | €1.824/L | €1.779/L | Emergency ISP tax cut on diesel | | Poland | 7.18–7.59 zł/L | 6.28–6.54 zł/L | "Fuel earthquake" — dziennik.pl station visits | | | USA | $4.60/gal | $3.45/gal | Could hit $5/gal this month |

Diesel has doubled in several European markets, according to Rystad Energy.
Jet fuel surged 200% in Asia.
LNG tankers headed for Europe are being diverted to Asia, where buyers pay more.
South Korea has capped fuel prices for the first time in 30 years.
Bangladesh has closed universities to conserve energy.

Why is diesel rising faster than petrol?

Diesel is directly tied to freight transport and industrial activity. When geopolitical tension rises, industrial diesel demand reacts first — companies stockpile fuel fearing shortages. Petrol depends more on private mobility, which is less reactive. Additionally, heating oil demand from a cold winter had already tightened diesel supply in the UK and across Northern Europe.

If you need towing or vehicle transport — what you should know

Fuel represents 20% to 33% of the total cost of a towing or vehicle transport service. When diesel jumps 12-22% in a single week, that translates directly into higher quotes.

Here's what you can do:

1. Compare more quotes than ever

In normal times, quotes can vary by 30-40% for the same service. With the current crisis, those differences widen because each company has different fuel supply contracts and margins. Comparing is not optional — it's your best protection.

Compare quotes for free — post your request and let professionals compete for your service.

2. If it's not urgent, post your request and wait for offers

Posting your request on a platform like Priority Help Car lets multiple professionals see it and send their best offers. In a market with unstable prices, letting them compete is the most effective way to get a fair price.

3. Always ask about fuel surcharges

Many companies are applying fuel surcharges. This isn't unfair — it's how the industry absorbs price spikes without shutting down. But you have the right to know exactly how much it adds.

4. Consider the timing

Fuel prices are changing day by day. If your service can wait a few days, prices might shift. In Spain, fuel companies are now updating prices daily instead of the usual every 4 days.

If you're a tow operator or carrier — how to weather the spike

Fuel is your largest variable cost. In Spain, it accounts for a third of the cost structure for transport companies. With margins around 2%, a 6% diesel increase is enough to wipe out all profit (CETM).

1. Apply fuel surcharges transparently

Customers understand price increases when you explain them. A well-communicated fuel surcharge builds more trust than an inflated quote with no justification.

2. Optimize your routes

Every empty mile is money burned — literally. Group services, find return loads, and plan routes that minimize fuel consumption.

3. Communicate proactively

Don't wait for the customer to be surprised by the price. Explain the market situation. Most people understand when they see concrete data.

4. Maximize your utilization with platforms

More requests mean you can choose the most profitable ones and reduce downtime. On Priority Help Car you can receive requests from clients looking for transport in your area.

5. Activate price revision clauses

If you have contracts with shippers, check for fuel price adjustment clauses. In Spain, the 2022 price revision clause (post-Ukraine war) is mandatory when fuel rises over 5%. Similar mechanisms exist across Europe.

How long could this last?

That's the million-dollar question. Trump called the oil price surge "a very small price to pay" for global security. His energy secretary, Chris Wright, claimed the disruption would last "weeks, not months."

But markets aren't buying it. With oil already above $100, analysts see:

Moderate scenario: G7 releases strategic reserves and Hormuz partially reopens → prices stabilize at $90-100 → normalization in weeks.
Severe scenario: prolonged conflict, Hormuz blocked through March → $120-150/barrel → Saudi Arabia, UAE, and Kuwait storage facilities fill up and production shuts down → global energy crisis comparable to 2008.
Extreme scenario: Iran warns of oil at $200/barrel if bombing continues.

Qatar's energy minister warned that if the war continues, all Gulf exporters will be forced to shut down production within weeks. South Korea has imposed a cap on domestic fuel prices for the first time in 30 years. Bangladesh has closed universities to conserve energy.

Either way, the best strategy remains the same: always compare, communicate transparently, and optimize every resource.

Key takeaways

Oil has surpassed $100 (touched $119.50 intraday) — up 65% in 2026 due to the Iran war and the Strait of Hormuz blockade.
Diesel doubled in parts of Europe and rose 22% in the US in just one week — and will accelerate with oil above $100.
If you're a customer: compare more quotes than ever, ask about fuel surcharges, and post requests to receive competitive offers.
If you're a professional: apply transparent surcharges, optimize routes, communicate proactively, and maximize utilization.
The duration of the conflict will determine whether this is a temporary spike or a prolonged crisis.

Need vehicle transport or towing? Compare quotes for free — post your request and receive offers from professionals.

Are you a tow operator or carrier? Join Priority Help Car and receive requests from clients in your area.

Iran oil crisis — how it affects towing and vehicle transport prices