OIL HITS $119! How to Survive the Fuel Crisis? With Pricing King James Spencer

Oil markets are moving rapidly. The intra-day high reached $119 per barrel following conflict in the Middle East, after trading in the low $60s just two weeks ago.

Earlier this week, the market also moved through $119 per barrel, raising immediate questions about the impact on UK pump prices and fuel costs for drivers and businesses.

Could prices move even higher, potentially approaching the $147 per barrel peak seen during the Russian invasion of Ukraine energy shock?

In this episode, host Alex Wolfe welcomes back James Spencer, Managing Director of Portland Fuel, to explain what is driving the latest surge in global oil markets and what it means for UK consumers.

⚡ Oil rising from the $60s to $119 in two weeks
⚡ Oil crossing $119 earlier today and the impact on pump prices
⚡ Petrol and diesel prices reacting across the UK
⚡ What drivers and businesses should watch next

⚡ Incredibly large gap in refined products such as aviation fuel and kerosene

⚡ The OBR has warned that fuel prices could raise inflation by 3%

This episode builds on last week’s discussion with S&P Global, where we focused on upstream risks linked to potential disruption around the Strait of Hormuz, one of the world’s most critical oil chokepoints.

James Spencer started his career in oil refining in 1994, with Mobil and then BP, after graduating from Cambridge University. In 2003, James joined the Bayford Group of Companies as Group Operations Director, looking after their £500m pa portfolio. During this time, he also became Chairman of the Association of UK Oil Independents. In 2009, James set up Portland Fuel, a company offering fuel price data, advisory services and fuel hedging. He is a regular contributor to national debates on oil prices and has appeared numerous times in the UK media.

Be sure to join us for our upcoming fundraiser event with SSAFA, the Armed Forces Charity, on Thursday 26th March 2026. Tickets are available: https://www.eventbrite.co.uk/e/ssafa-fundraiser-the-greatest-car-company-debate-charity-auction-tickets-1977379995797

Season Two is in Partnership with The Spectator

Tickets for the upcoming The Spectator Energy Summit, on Monday 30th November 2026, are available on sale. Use code: WPC50 for 50% off your purchase

If you would like to partner with The Spectator Energy Summit, please contact Alex on LinkedIn or emilia@wolfepowerclub.com

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Founder and Host: Alex Wolfe

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Recorded at Studio 55 - which has produced podcasts, including Breaking the Taboo with Theo Clarke and The ABTO Podcast