Prolonged cuts to oil production by the likes of Saudi Arabia suggest the worst of rising petrol and diesel prices are yet to come.
Forecourt fuel prices rose at some of the most rapid rates in over two decades during August amid rising wholesale costs but motor group RAC warned further increases may be coming.
"Drivers had already seen a sharp increase in pump prices through the course of August as a result of the oil price rising,” company spokesperson Rod Dennis said.
"An even higher oil price is likely to force wholesale fuel prices up further, and - if these are sustained - that's likely to spell further price rises on forecourts up and down the UK in the coming weeks."
Saudi Arabia and Russia announced on Tuesday that current oil supply cuts would continue through the end of the year, longer than initially expected.
Brent immediately jumped above the US$90 per barrel mark for the first time this year on the news, with West Texas Intermediate not far behind.
Analysts have already warned of the move’s effect on inflation and ultimately interest, with higher prices at Britain’s forecourts potentially set to weigh in come the Bank of England’s next rate call later this month.
“Central banks [...] will have little choice but to keep their monetary policies sufficiently tight to prevent an uptick in inflation,” Swissquote’s Ipek Ozkardeskaya said.
“The million barrel question now is: is US$100 per barrel back on the table?”