Oil prices soar as market uncertainty continues

The price of oil increased again on Tuesday as the US continued its operation in the Middle East, dubbed by Donald Trump as project freedom, attempting to get vessels through the Strait of Hormuz.

Very few ships are managing to make it through and experts say the sector isn’t confident this latest US attempt will make a difference.

For consumers there remains real concern about what deadlock in the region is going to mean for bills in the months to come.

It comes after the oil firm BP refused to comment on speculation it was preparing to leave the North Sea, with reports over the weekend suggesting the company could either stop or partially wind down its operations.