The escalating hostilities sent the price of Brent crude – the global oil benchmark – close to $120 a barrel this week, surpassing $100 for the first time since Russia’s full-scale invasion of Ukraine in 2022.

US president Donald Trump said the sudden surge in oil prices is only “short term” and a “small price to pay” for “safety and peace”.

But disruption to tanker traffic through the Strait of Hormuz – the narrow waterway that usually carries about a fifth of the world’s oil exports – and the lowering of oil production by Gulf states Qatar, the United Arab Emirates, Kuwait has pushed up wholesale pump prices at UK forecourts, adding to firms’ transport costs.

The closure of the Strait of Hormuz has forced tankers to reroute, creating longer lead times and higher freight rates for Norfolk firms importing and exporting goods via the region's ports.

Businesses dependent on vans, heavy goods vehicles (HGVs) and agricultural machinery are particularly at risk of having to shell out more on fuel, with petrol prices expected to rise to 150p a litre, according to the RAC.

The breakdown cover company said petrol is already up 5p to 137.5p a litre, while diesel has risen 9p to 151p since the start of the US‑Israeli war with Iran on February 28.

Simon Williams, the RAC’s head of policy, said unleaded will “almost certainly” reach 140p in the “next week or so”, while diesel could climb to 160p a litre during the same period and could top 180p – marking a three‑year high.

Drivers are now being urged by the AA to consider cutting out “non‑essential journeys” and change their driving style to be more fuel efficient.

Sir Keir Starmer has warned that the longer the conflict goes on, the greater the impact will be on the UK economy.

The Bank of England is now expected to raise interest rates rather than cut them several times this year, with soaring oil prices threatening to push inflation to nearly 4pc.

Candy Richards, who represents East Anglia at the Federation of Small Businesses (FSB), said the conflict has left small firms “fearing a huge energy spike and increase in input costs”.

“Should this happen, the government must be on the front foot to provide a package of support to protect our small businesses from further price shocks,” she warned.

Candy Richards, regional business and stakeholder engagement manager for East Anglia at the Federation of Small Businesses (FSB) (Image: Supplied)

Meanwhile, people living in rural areas of Norfolk who heat their homes using oil tanks have reported prices doubling since the onset of the conflict.

Around 1.5 million homes in the UK are heated using oil rather than mains gas, which is usually stored in tanks in the garden that supply their boiler.

Seven out of the 10 areas where heating oil is most used are found in the East of England, according to 2021 Census data.

These people are not protected by the energy price cap, unlike mains gas and electricity customers.

Heating oil is priced against jet fuel in European markets and 40pc of the continent's jet fuel is imported from the Middle East.

The UK is heavily reliant on imported oil, despite getting some oil from the North Sea.

Energy secretary Ed Miliband has defended his policy on oil and gas, after the government was urged by president Trump to “open up the North Sea” last week.

Energy secretary Ed Miliband (Image: Lucy North)

He said new North Sea exploration licences “are completely marginal to that basin and would make no difference to the prices set by international markets and paid by UK billpayers”.

North Norfolk MP Steffan Aquarone said he is "deeply concerned that profiteering is ongoing in the sector", which is "not delivering fair prices" for his constituents.

"I have heard from individuals who are currently trying to buy heating oil and LPG (liquefied petroleum gas) seeing surges of around 80 to 100pc in price," he said.

"This is clearly not commensurate with the wider increases in the cost of oil. What steps are the government taking to ensure that unfair profits are not being made for a time of global crisis and what discussions have been had with the Competition and Markets Authority to ensure the market is acting fairly?”

Steffan Aquarone, North Norfolk MP (Image: Steffan Aquarone)

Energy minister Michael Shanks has also said “any price gouging will not be tolerated”.

“Industry leaders were in full agreement on this,” he said. “We keep the situation under close review and stand ready to support consumers.”

© Eastern Daily Press