Petrol nudges 150p a litre as wheat soars to 14-year high

Petrol nudges 150p a litre as wheat soars to 14-year high

Petrol and diesel prices have hit a fresh record , while the cost of wheat surged to the highest level since 2008. Road fuel costs reached a new record for the fourth time in a week, according to RAC data, with petrol costing an average 149.67p per litre, and diesel hitting an all-time high of 153.05p. Brent crude oil prices spiked to an eight-year high at nearly $106 a barrel on Thursday after Russia troops launched an invasion of neighbouring Ukraine by land and sea. They shed some gains later in the session and were trading at about $100 on Friday. Meanwhile, wheat prices hit a post-financial crisis peak on fears the conflict could stall grain exports from the region. Futures contracts for wheat traded at more than 960 cents a bushel overnight, the highest since 2008. The two countries account for 29pc of the global wheat trade and are major suppliers to Asia and North Africa. Many of their buyers will be forced to look elsewhere as the war chokes trade. The invasion has disrupted Ukrainian ports, with the country closing several and Russia blockading the strategically important Azov sea. It has put shipments of 350,000 tons of sunflower