Iran oil attacks trigger 35% gas price spike and fears of interest rate rises

"Iran pounded Qatar's Ras Laffan energy hub and other Middle Eastern oil and gas infrastructure with missiles. The price of Brent crude climbed as high as $119 a barrel and European gas prices briefly surged by 35 per cent after the attacks, representing a serious escalation of the war that could push up inflation and interest rates."

"The Bank of England warned that the war could push inflation as high as 3.5 per cent by July on the back of rising energy bills, and that rates could rise creating misery for homeowners. Interest rates were held at 3.75 per cent instead of the previously expected cut."

Iran launched missile attacks on energy sites across the Gulf region, including Qatar's Ras Laffan hub, in retaliation for Israeli strikes on Iran's South Pars gas field. These attacks caused Brent crude prices to spike to $119 per barrel and European gas prices to surge 35 percent. The Bank of England held interest rates at 3.75 percent and warned inflation could reach 3.5 percent by July due to rising energy costs. Britain announced increased defensive support for Gulf states. The escalation prompted concerns about higher airline fares and economic impacts across Europe, while US and regional officials responded to the military developments.

Read at www.independent.co.uk