Oil Prices Surge Past $100 Per Barrel Amid Escalating Iran-US Conflict

Oil prices have surged past $100 per barrel for the first time since July following the latest round of strikes in the Iran-US conflict.

US officials confirmed on Tuesday night that multiple Iranian oil tankers had been targeted in response to more attempted missile attacks on a Navy warship, leading to a 2% increase in Brent crude prices.

The price of Brent crude briefly surpassed $100 per barrel before dipping to around $99.50 per barrel, marking highs not seen since late July.

Rising oil costs and disruption to supplies are influencing fuel prices, with petrol averaging 166.2p per litre and diesel averaging 187.7p per litre at UK forecourts as of Tuesday, according to the AA.