Oil had its biggest one-day fall in months on Monday. Brent crude, the benchmark for the fuel sold in the UK, closed down 7.6% at $104.77 a barrel after Iran's state news agency reported that the Supreme Leader had approved the government pursuing negotiations with the US. Iranian officials have also been holding talks with Qatari mediators, and a draft proposal is said to be circulating.
Brent eased again today, to around $103, close to a four-week low. That is a sharp turnaround from the end of last week, when it finished October at its highest level in six months, at about $113.
Live on PetrolPrices.co.uk right now
- Average diesel across the stations we track: 198.5p — 1.5p below £2
- Forecourts charging £2 or more for diesel: 1,220 (15.3% of stations reporting diesel)
- Average petrol (E10): 171.4p
- Cheapest diesel in the UK: 158.7p, dearest: 234.9p
Updated 3 Nov 2026, 18:39 from the government Fuel Finder feed. Refreshes every 15 minutes.
Where pump prices are now
Prices at the pump have been drifting down, but slowly. The government's weekly figures for the week of 2 November put petrol at 172.78p a litre and diesel at 198.58p. That is about 2.5p lower for petrol and 1.5p lower for diesel than three weeks earlier — and these figures were collected before Monday's fall in oil.
| Week commencing | Petrol | Diesel |
|---|---|---|
| 12 October 2026 | 175.28p | 200.04p |
| 19 October 2026 | 174.57p | 199.33p |
| 26 October 2026 | 174.07p | 199.22p |
| 2 November 2026 | 172.78p | 198.58p |
For the full weekly history, see our UK fuel price charts.
What the oil fall should be worth at the pump
As a rough guide, with the pound at around $1.33, every $1 off a barrel of oil is worth about 0.47p a litre before VAT, or about 0.57p once VAT is added. Brent is now roughly $9 to $10 lower than at the end of October.
Our rough estimate
If oil stays near today's level and the fall is passed on in full, it would be worth around 5p a litre at the pump — about £2.75 on a 55-litre tank. This is our own estimate based on the crude oil price alone. Retailers pay for refined petrol and diesel, whose wholesale prices can move differently from crude, so the real figure could be higher or lower.
How long it usually takes
Falls in oil don't reach forecourts overnight. Retailers are still selling fuel they bought at the older, higher price, and many wait to see whether a fall holds before cutting. Drivers often notice that prices seem to rise faster than they fall — we explain why in why UK fuel prices stay high when oil falls and how quickly should petrol prices fall?
Diesel is likely to be slower again. Refined diesel is in short supply worldwide and the UK imports a large share of what it uses, so its price depends on more than crude. In early October, wholesale diesel fell by 6p to 8p a litre, but very little of that reached the pump — see diesel slips back under £2.
This could still reverse
The talks have not produced a deal. The Strait of Hormuz has not fully reopened, and tankers there still face the risk of attack. Brent swung above $105 again today on reports of fresh US strikes before falling back, and today's US midterm elections had already been seen as a point where the conflict could escalate. Goldman Sachs has also raised its forecasts, saying Brent could reach $140 next year if Gulf output stays low. A fall of this size can be undone just as quickly.
28 February 2026
The US–Iran conflict begins.
2 October 2026
Diesel hits an all-time high of 200.01p on the RAC's daily measure.
28 October 2026
The Budget keeps the 5p fuel duty cut until July 2027 — see what the Budget means at the pump.
Friday 30 October 2026
Brent ends October at a six-month high of about $113.
Monday 2 November 2026
Brent falls 7.6% to $104.77 after Iran approves talks.
Tuesday 3 November 2026
Brent eases to around $103, near a four-week low.
How to pay less now
You don't have to wait for the national average to fall. Some forecourts cut prices much sooner than others, and the gap between the cheapest and dearest station in the same area is often far bigger than 5p — see why petrol prices differ in the same town.
Four quick ways to pay less
- Check before you set off. We cover over 8,000 stations from the government Fuel Finder feed, updated every 15 minutes.
- Use the fuel price map to spot the stations that have already cut — supermarkets are usually the first.
- Save your regular stations in favourites to see at a glance which one is cheapest today.
- Work out what a trip will really cost with the journey cost calculator, and use the journey planner to find the best-value stop on your route.
Weekly averages are from the government's road fuel price statistics. Oil prices are Brent crude settlement and trading levels as reported on 2 and 3 November 2026. The pence-a-litre estimate is our own, based on the crude oil price and an exchange rate of about $1.33 to the pound, and assumes any fall is passed on in full. Live figures come from the government Fuel Finder feed and refresh every 15 minutes.