"If prices stayed where they were at the moment, probably we're talking about an impact on the level of prices in the UK maybe of 1% or so. However, he said it was important to note the increases were "nowhere near as large" as those seen after Russia launched its full-scale invasion of Ukraine four years ago."
"Around a fifth of the world's oil and gas usually flows through the Strait of Hormuz - a narrow waterway between Iran and the United Arab Emirates (UAE). But traffic through the Strait of Hormuz has almost entirely halted following Iran's threats to "set fire" to ships."
"Brent crude prices have jumped by 15% since Israel and the US began bombing Iran on Saturday and Tehran responded by attacking neighbouring Arab countries. At the same time, one of the biggest producers in the world state-run QatarEnergy suspended production of Liquified Natural Gas (LNG)."
UK stock markets edged upward on Wednesday despite ongoing energy price volatility stemming from escalating tensions in the Middle East. Oil prices increased by more than 1% to approximately $83.50 per barrel following a reported drone attack on Saudi Arabia's Ras Tanura oil refinery. Brent crude has jumped 15% since Israel and the US began bombing Iran on Saturday. Gas prices remained volatile, hovering around 127p per therm. QatarEnergy suspended liquified natural gas production, contributing to supply concerns. Traffic through the Strait of Hormuz, which typically carries about one-fifth of global oil and gas, has nearly halted following Iran's threats. Approximately 200 tankers are stranded, and insurance premiums have risen significantly. David Miles from the Office for Budget Responsibility noted that elevated energy prices could add approximately 1% to UK inflation, though increases remain smaller than those following Russia's Ukraine invasion.
Read at www.bbc.com
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