FX.co ★ UK ready to negotiate oil supply with Saudi Arabia

UK prime minister Boris Johnson is planning to visit Riyadh to discuss buying Saudi Arabian oil to replace Russian supply, British media reported.

According to Sky News, the trip is yet to be confirmed or finalized by Downing Street. Johnson has faced calls from Conservative Party MPs to urge Saudis to release more oil.

Johnson is well placed to persuade Saudi Arabia because he has better links with Crown Prince Mohammed bin Salman than any other G7 leader, government insiders claimed.

However, buying Saudi oil could prove controversial at home.

In the meantime, UK households and companies are bearing the impact of rising crude oil prices.

With petrol prices reaching a record high of $2.10 (£1.60) per liter, many British companies are struggling, the Guardian reported.

"In less than a year, fuel prices have jumped from £1.16 to £1.61. Because I cannot pass these costs on to our customers, I am having to swallow about 37% of my profit margin. It's becoming really hard to keep my drivers on," Jonny Pattenden, the managing director of York-based JP Transport told the Guardian.

Downing Street's move to phase out Russian oil imports by the end of 2022 has boosted prices as well. However, the majority of British citizens support enacting sanctions against Moscow.