"Oil prices could be headed for their biggest weekly increase in six years, with the price of Brent crude oil rising on Friday to surpass $88 (65) a barrel, its highest price since April 2024. If the gains hold through to the end of the day, when markets close, then it would mark the biggest weekly increase since the Covid-19 pandemic."
"A surge in oil prices due to the escalating conflict in the Middle East has prompted fears of a new cost of living crisis in the UK. Experts are warning that rising prices and energy bills could fuel higher inflation, having a knock-on impact on mortgages, savings and spiralling food costs."
"Markets are bracing for longer-lasting volatility as the US and Israel continue to strike Iran, with Tehran authorising revenge attacks in countries across the region and impacting the passage of goods through the Strait of Hormuz."
Escalating Middle East conflict has triggered significant oil price increases, with Brent crude surpassing $88 per barrel on Friday, marking the largest weekly gain since the Covid-19 pandemic. Experts warn this surge threatens a new UK cost of living crisis, potentially raising inflation, energy bills, mortgages, and food costs. US-Israel strikes on Iran and Tehran's authorized revenge attacks across the region create market volatility. The Strait of Hormuz passage disruption, combined with Qatar halting gas production following attacks on its facilities, intensifies energy market turmoil. Energy sector leaders report markets are in crisis mode as geopolitical tensions continue escalating.
Read at www.independent.co.uk
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