Volatile oil prices threaten Oxfordshire’s pothole crisis

Oxfordshire County Council, the highways authority, has spent £9,807,367 on road repairs over the last three years.

While there is hope that a truce in the Middle East between Israel-US and Iran will hold, there are fears this could push up the already high price tag to fix Oxfordshire’s pothole crisis.

The closure of the Strait of Hormuz, amid the joint Israel-US airstrikes on Iran on February 28, rocketed crude oil prices by more than 30 per cent, with a barrel peaking above $120 (£89) per barrel on March 2.

Strait of Hormuz Infographic (Image: Press Association Images)

Prices tumbled by almost 14 per cent, to around £70 per barrel, following Donald Trump’s announcement of a two-week Iran ceasefire earlier this week.

However, as the agreement was contingent on Iran agreeing to reopen the Strait of Hormuz, concerns are now rising again over the agreements durability after Israel launched a wave of strikes on Lebanon.

President Donald Trump speaks with reporters (Image: PA)

Crude oil is refined through fractional distillation which allows for the extraction of different products, including asphalt, which is used to mend potholes.

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Oxfordshire County Council said it is “monitoring the situation closely”.

A spokesman for the authority said: “Volatility in fuel prices will have an impact on all councils.

“Such are the fluctuations currently that forecasting forward is very difficult. Like the whole of local government and many other organisations we monitor the situation closely.

“Financial pressures and budget monitoring are reported on a regular basis to cabinet.”