UK diesel price hits record 199.18p per litre as Brent tops $96 and two-year gilt yield reaches 4.75%

UK diesel prices hit a record as Brent broke above $96 on renewed Middle East geopolitical risk, tightening energy conditions and amplifying inflation sensitivity. UK gilt yields rose sharply alongside Budget uncertainty, reinforcing concerns over fiscal credibility and higher short-term rate expectations. The combination of energy shock and rising borrowing costs is negative for UK growth risk and supportive of elevated oil risk premia in the near term.