Middle East Conflict Sends Oil Prices Soaring to $105 a Barrel

The escalating conflict in the Middle East has sent shockwaves through global markets, driving oil prices to $105 a barrel and causing concerns over inflation.

The price of Brent crude surpassed $100 a barrel on Wednesday and continues to rise, while natural gas prices have also soared in the UK, reaching 200p per therm for the first time since December 2022.

The conflict has led to the closure of the Strait of Hormuz, disrupting oil supplies from the Gulf, and Iran-aligned Houthi forces seizing Yemen's port of Mocha, a key Red Sea port.

President Trump stated that he does not think the fighting will end until after the US mid-term elections in November, fueling fears of prolonged disruption to global energy markets.