BoE Keeps Rate at 3.75% Amid Ongoing Conflict and Rising Oil Prices

The Bank of England's Monetary Policy Committee decided to keep its key interest rate at 3.75% for the fifth time this year, as expected by most economists.

The decision was made after a bigger-than-expected drop in inflation, which fell to 2.6% in June from 2.8% the previous month.

The bank's policymakers have been closely watching the ongoing conflict between the US and Iran, which has sent oil prices soaring due to concerns about disruptions in the Strait of Hormuz.

Brent crude jumped to over $100 a barrel on July 23 from less than $71 three weeks earlier as the ceasefire broke down.