Soaring fuel prices amid the conflict in the Middle East are being driven by the higher cost of oil rather than retailers increasing margins, an investigation has found. The Competition and Markets Authority (CMA) said the difference between the price retailers pay for fuel and the price they sell it at – known as fuel margins – have been “broadly unchanged” since the start of the war on February 28. The watchdog did discover increased fuel margins in March “for a minority of retailers” and committed to investigate these. It also noted that fuel margins in March were close to or equal the average of 107p per litre seen last year, which shows they remain at “historically high levels” reflecting “ongoing concern about a lack of competitive pressure”. Oil prices – which have a significant effect on the cost of wholesale fuel – hit their highest level since 2022 on Thursday amid reports US President Donald Trump could escalate the Iran war.…