As we go to press Brent Crude oil is currently trading at $108 per barrel.
The recent spike in oil prices will not only hit prices at the pump, but will also inflate the cost of tyres - no pun intended.
Tyre prices are set to rise by at least 10 percent due to higher production costs and transportation costs.
In the currency markets the pound sterling is trading at just under €1.19.
The pound has had its worst month this April in six years, amid fears of a recession in the UK. Higher interest rates and a resurgent dollar also pushed sterling down against the US dollar.
Worrying inflation figures also add to the business outlook which is looking grimmer month by month.
