OIL prices have rocketed to their highest level since 2022 due to war, as the energy industry’s “profits machine is running at full speed.”

The cost of benchmark Brent crude soared past $126 (£94) a barrel at one stage, up nearly 7 per cent, reaching a high not seen since the Russia-Ukraine war began.

Brent crude later stood at just over $121 (£90) per barrel.

The latest spike comes as hopes were dashed of a resolution to the war on Iran and the reopening of the crucial Strait of Hormuz shipping route because peace talks between the US and Tehran are said to have broken down.

US President Donald Trump has rejected Iran’s proposals and is reportedly preparing to launch a series of renewed strikes.

Meanwhile, oil giants in Britain have revealed increased profits over the past year as households struggle with the cost of living.

BP has reported underlying profits of £2.4 billion in the first quarter of 2026 alone, more than double the same period last year, while TotalEnergies has posted £4bn in adjusted net income for the same three months.

End Fuel Poverty Coalition co-ordinator Simon Francis said: “As oil prices surge, the energy industry’s profit machine is running at full speed.

“The energy industry is waiting for even more gains to come, as rising oil and gas prices feed through into second-quarter earnings.

“What makes this worse is that gas prices, which had shown some signs of easing in recent weeks, are now climbing again.”

British gas futures are now 52 per cent higher than this time last year, pushing up the wholesale prices that feed directly into household energy bills.

Mr Francis warned that this is “not a temporary blip,” but the “fossil fuel price rollercoaster in full motion, and millions of households will feel it in their bills.

“The case for ministers using windfall tax revenues to help provide more emergency support for the households on heating oil and those least able to absorb these costs has never been stronger,” he said.

“But we also need to see the government take faster action on electricity pricing reform to break the grip of gas markets on the bills of every family in the country.”