Oil Prices Hit $100 as Middle East Conflict Reignites Fears of Global Energy Shortage

Oil prices have reached $100 per barrel for the first time since May, driven by escalating conflict in the Middle East and fears over global energy supplies.

The Brent crude benchmark rose more than 6% on Thursday following several days of increases as the US stepped up military strikes against Iran.

The increase was triggered by Houthi militia attacks on oil tankers in the Red Sea, which threatened a key export route used by Saudi Arabia to bypass the Strait of Hormuz.

Gas prices have also risen steadily over the past month, with the UK benchmark gas price at around 150 p per therm, up from 98p at the end of June.