BOE Holds Interest Rates Amid Rising Oil Prices

The Bank of England is expected to keep interest rates at 3.75% next week despite fresh uncertainty in the Middle East, according to economists.

A number of experts, including those at Oxford Economics and Nomura, predict a seven-to-two vote in favor of holding the current rate.

The decision comes as inflation has eased back to a 15-month low in June, at 2.6%, due to a slowdown in food and fuel prices.

However, economists warn that inflation is expected to rise again, potentially reaching 3.25% later this year due to higher energy costs.