Brent crude started June at $116/bbl, reaching a peak of $124/bbl for the month on the 9th of June before reversing gains and falling back down to $116/bbl by month-end, as slow global economic growth and increased COVID-19 cases in China caused demand concerns.

GBP started at $1.25 against USD, falling to a mid-month low of $1.20 before closing at $1.21, due to interest rate hikes and an ongoing cost of living crisis. Based on current wholesale diesel prices, a four-cent drop in GBP equates to a c. 3ppl increase in the price of UK diesel.

Russia is earning more money from fuel exports than it did before the war began four months ago, as China and India continue to purchase Russian oil shunned by the West in an attempt to end the Ukraine invasion.