The price of petrol

http://www.telegraph.co.uk/finance/oilprices/9093934/Oil-price-hits-eight-month-high-on-Iran-sanctions.html

Could someone, preferably from the oil companies, please explain the following mystery. On Sunday, there was a stock of petrol in the tanks at filling stations across the country. The Oil refineries in the UK were perhaps almost full of imported oil. There were many oil tankers on the high seas, bound for destinations all over the world and in particular Europe. All of the oil in these locations was brought and paid for some days if not weeks previously at the price level then in existence. At the same time, (Sunday) the price at the pumps,at least in the filling stations round here, was about £1.379 per litre. Also on Sunday, Iran announced that it was placing an oil Embargo on France and the UK, in addition to the measures against 6 other European countries announced last Friday. HEY PRESTO !! overnight the price of petrol at our local filling stations jumps to £1399 per litre !! I have a knowledge of Economics after 4 years of study, and the only model that these facts can fit is the one marked "Profiteering Greed".