Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

UK drivers are bracing for a sharp rise in fuel costs, with petrol prices expected to exceed £1.50 per litre for the first time in nearly two years as the fallout from the Middle East conflict continues to ripple through energy markets.

According to RAC, the average price of petrol has already climbed to 149.82p per litre and is likely to break through the 150p threshold imminently. Diesel prices have risen even more steeply, reaching an average of 176.66p per litre, an increase of more than 34p since strikes on Iran began.

The surge marks the highest diesel prices since the energy crisis triggered by Russia’s invasion of Ukraine in late 2022, underscoring the sensitivity of fuel markets to geopolitical shocks.

The primary driver of the increase is the sharp rise in global oil prices. Brent crude is currently trading at around $107 per barrel, having surged from roughly $70 a month ago and briefly approaching $120 earlier in June.

Simon Williams of the RAC said wholesale fuel data suggests further increases are likely in the short term, with petrol potentially reaching 152p per litre and diesel climbing towards 185p.

“While soaring costs at the pumps are putting a strain on drivers, as long as oil remains around $100, prices should begin to stabilise,” he said, though he cautioned that further volatility remains possible depending on developments in the conflict.

Fuel prices continue to vary significantly across the UK, with drivers in rural areas and at motorway service stations often paying the highest rates.

Petrol prices at motorway forecourts have already exceeded 171p per litre, while some locations are charging more than 190p for diesel, with a handful exceeding 200p. By contrast, drivers in certain parts of Lancashire are paying closer to 143p for petrol, highlighting a growing regional disparity.

The rise in fuel costs is expected to feed through into broader inflation, affecting transport costs, supply chains and the price of goods and services.

For households, higher petrol and diesel prices are an immediate hit to disposable income, particularly for those reliant on cars for commuting or living in areas with limited public transport.

Businesses, especially those in logistics and transport, are also facing increased operating costs, which may ultimately be passed on to consumers.

While drivers face rising costs, the government is set to benefit from increased tax receipts. Fuel prices in the UK are subject to 20% VAT, which is applied on top of fuel duty, effectively creating a “tax on a tax”.

The RAC Foundation estimates that UK motorists consumed nearly 47 billion litres of fuel last year. Based on pre-conflict prices, this would have generated around £13 billion in VAT revenue.

With petrol and diesel prices rising sharply, that figure is now expected to increase to approximately £15.5 billion, delivering an estimated £2.5 billion windfall to the Treasury.

The government has accused fuel retailers of profiteering from the price surge, although forecourt operators have rejected the claims, arguing that higher wholesale costs are being passed through to consumers.

The debate highlights ongoing tensions over fuel pricing transparency and the distribution of costs across the supply chain.

Much will depend on the trajectory of oil prices in the coming weeks. If geopolitical tensions ease and supply stabilises, prices could plateau or begin to fall. However, a prolonged disruption to global energy markets could push costs higher still.

For now, drivers face a renewed period of volatility at the pumps, a reminder of how quickly global events can translate into everyday economic pressures.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

A company of Manulife Investment Management, John Hancock Investment Management serves investors through a unique multimanager approach, complementing our extensive in-house capabilities with an unrivaled network of specialized asset managers, backed by some of the most rigorous investment oversight in the industry. The result is a diverse lineup of time-tested investments from a premier asset manager with a heritage of financial stewardship. Note: This account is not managed or monitored by John Hancock Investment Management, and any messages sent via Seeking Alpha will not receive a response. For inquiries or communication, please use John Hancock Investment Management’s official channels.

A potential SpaceX initial public offering at a valuation exceeding $1.75 trillion could push Elon Musk’s net worth past the $1 trillion mark in 2026, solidifying his position as the world’s richest person and making him humanity’s first trillionaire, analysts and market observers say.

Musk, already the wealthiest individual with an estimated net worth of around $839 billion as of early 2026, owns roughly 42-44% of SpaceX following its merger with xAI. At a $1.75 trillion IPO valuation, his stake alone could be worth more than $770 billion, according to Bloomberg and other estimates. Adding his holdings in Tesla and other assets would likely catapult him well above $1 trillion, far outpacing rivals like Google co-founders Larry Page and Sergey Brin or Amazon founder Jeff Bezos.

SpaceX is preparing to file paperwork for what could become the largest IPO in history as soon as this week, with a potential June debut, sources familiar with the matter told The Information and Bloomberg. The company could seek to raise more than $75 billion, shattering the previous record set by Saudi Aramco’s $29.4 billion listing in 2019. Earlier projections had targeted a $1.5 trillion valuation and $50 billion raise, but recent reports indicate even loftier ambitions driven by Starlink’s rapid growth.

Starlink, SpaceX’s satellite internet service, has emerged as the primary engine of the company’s soaring valuation. With thousands of low-Earth orbit satellites deployed and millions of subscribers worldwide, the business generated substantial revenue in 2025 and offers recurring high-margin income. Combined with SpaceX’s dominance in commercial launches via reusable Falcon 9 rockets and the ambitious Starship program for deep-space missions, the company has attracted sky-high investor interest.

The recent all-stock acquisition of Musk’s xAI further boosted the merged entity’s private valuation to around $1.25 trillion earlier in 2026. This integration positions SpaceX as more than a space company — a broader platform blending satellite infrastructure, AI capabilities and potential orbital data centers. Musk has signaled plans to use IPO proceeds for an “insane flight rate” of Starship, massive constellation expansion and other visionary projects.

Musk already became the first person to surpass $600 billion and later $800 billion in net worth, largely on the back of SpaceX’s private valuation surges and Tesla stock performance. Forbes and Bloomberg Billionaires Index figures show him hundreds of billions ahead of the next richest individuals. His lead widened after SpaceX secondary share sales valued the company at $800 billion late last year, up dramatically from earlier rounds.

If the IPO prices at the high end of expectations, Musk’s wealth could more than double from current levels in paper terms, though actual liquidity would depend on selling restrictions, lock-up periods and market reception. Public market scrutiny could introduce volatility, as investors assess risks including regulatory hurdles for massive satellite deployments, competition from Amazon’s Project Kuiper, technical challenges with Starship and Musk’s divided attention across multiple ventures.

Prediction markets and analysts give high odds that Musk will become a trillionaire soon after a successful listing. Some forecasts suggest it could happen as early as 2026 or 2027, assuming continued execution on Starlink subscriber growth and Starship milestones. Tesla shareholders have occasionally voiced concern about Musk’s focus on SpaceX and other projects, but a SpaceX IPO could provide partial liquidity and diversification for his overall fortune.

The move would mark a significant shift for SpaceX, which Musk long preferred to keep private to pursue high-risk, long-term goals like Mars colonization without quarterly earnings pressure. Growing demands for liquidity from employees and early investors, coupled with the company’s enormous valuation, appear to have tipped the balance toward going public.

Wall Street banks including Goldman Sachs, Morgan Stanley, JPMorgan and Bank of America have been involved in preparations. A confidential filing could allow gauging investor appetite quietly before a full registration. SpaceX did not immediately respond to requests for comment, and Musk has not publicly detailed the latest timeline beyond confirming IPO plans for 2026.

Success is far from guaranteed. Public investors may balk at multiples exceeding 90 times trailing revenue, even for a company with proven launch dominance and a scalable satellite network. Governance questions around Musk’s control, national security reviews tied to government contracts with NASA and the Pentagon, and environmental or astronomical concerns over satellite constellations could complicate the process.

Still, excitement is building. Reports of the impending filing sent shares of other space-related companies higher, with firms like Rocket Lab and AST SpaceMobile gaining in trading. The broader space economy could benefit from validation of high valuations and increased capital flow into the sector.

Musk’s path to trillionaire status highlights the extraordinary wealth creation possible in technology and space industries. From founding SpaceX in 2002 with a vision to reduce space travel costs, he has overseen reusable rocket technology that slashed launch prices and enabled Starlink’s global reach. The company now launches more payloads than any other entity and plays a critical role in U.S. space ambitions.

For Musk, the IPO represents both validation of two decades of bold bets and fresh capital to accelerate interplanetary goals. Whether public markets embrace the ambitious valuation will test investor appetite for visionary, capital-intensive businesses in an era of rapid technological change.

As of late March 2026, Musk remains comfortably the world’s richest person, with his fortune already dwarfing those of the next several billionaires combined. A successful SpaceX debut at anywhere near targeted levels would extend that gap dramatically and likely make him the richest individual in recorded history by a substantial margin.

The development comes amid Musk’s multifaceted empire, including Tesla’s electric vehicle and autonomous driving efforts, ownership of X (formerly Twitter), and xAI’s work on advanced artificial intelligence. Synergies across these ventures, particularly AI and space infrastructure, could further enhance long-term value.

Critics caution that net worth figures based on private valuations or post-IPO market caps are paper wealth subject to sharp swings. Musk has seen his fortune rise and fall with Tesla stock volatility in the past. Public listing would introduce greater transparency and quarterly reporting, potentially altering dynamics.

For now, anticipation around the SpaceX IPO dominates discussions of Musk’s wealth trajectory. If realized, the listing would not only reshape his personal fortune but also mark a milestone for the commercial space industry, potentially unlocking new investment and innovation.

Observers will watch closely for the formal filing, roadshow details and eventual pricing. In the meantime, Musk’s status as the wealthiest person on the planet appears secure, with a SpaceX IPO offering a plausible route to becoming humanity’s first trillionaire.

Police in Southern California busted a toy theft ring this week, recovering $10,000 worth of stolen LEGO sets and other merchandise.

The Hemet Police Department’s Organized Retail Theft Team, along with Southwest Cities SWAT, served a search warrant Wednesday at a residence on South Gilbert Street, leading to the arrest of Hugo Omar Sanchez-Sanchez.

Sanchez-Sanchez, 37, was charged with possession of stolen property and organized retail theft, police said.

LEGO TO INVEST $366M IN 2 MILLION-SQUARE-FOOT VIRGINIA WAREHOUSE: ‘AN EXCITING NEW CHAPTER’

Boxes of stolen LEGO sets and other toys, including Hot Wheels, were recovered by police following a retail theft bust in Southern California. (Hemet Police Department / Unknown)

Photos released by police show numerous boxes of LEGO sets and other items, including Hot Wheels, recovered by authorities.

“This operation sends a clear message that organized retail theft will not be tolerated in the City of Hemet. By recovering this stolen merchandise and returning it to our local businesses, we are not only holding offenders accountable but also helping to reduce the financial impact these crimes have on our business partners,” Hemet Police Chief Michael Arellano said in a statement.

Investigators said they learned through partnerships with local retailers that large quantities of expensive LEGO sets and other merchandise were being stolen.

AMERICAN GIRL’S ‘MODERN ERA’ MAKEOVER OF BELOVED DOLLS DRAWS SWIFT BACKLASH FROM LOYAL FANS

Police in Southern California recovered $10,000 worth of stolen LEGO sets and other merchandise after busting a toy theft ring, authorities said. (Hemet Police Department)

Detectives identified a suspect who was allegedly selling the stolen merchandise at a local swap meet.

Police said the activity was tied to a local organized retail theft operation and that Sanchez-Sanchez was allegedly purchasing stolen goods from multiple individuals before reselling them for profit.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

Police recovered thousands of dollars in stolen LEGO sets and toys after a retail theft investigation in Southern California. (Photo credit should read CFOTO/Future Publishing via Getty Images / Getty Images)

After executing the search warrant, police recovered roughly $10,000 worth of stolen merchandise.