Rising oil prices have raised concerns about the impact on petrol and diesel prices, as well as the cost of living. Higher fuel costs could lead to price increases for goods and food, affecting consumers. The Bank of England governor has warned of a potentially serious impact on the UK due to the conflict in the Middle East. While oil prices have risen, experts suggest that if the worst-case scenario does not occur, prices could ease back quickly. However, if the conflict escalates, there could be a spike in prices and potential disruptions to supply.