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Oil price passes $100 a barrel after Houthis hit ships in Red Sea

The Times (London) · back to the audit

Oil prices have topped $100 a barrel for the first time since May, dragging up government borrowing costs and stoking fears that the world economy will suffer another surge in inflation on the escalation of the Middle East conflict. Brent crude, the global benchmark, gained nearly 7 per cent to hit a two-month high of $100.90 a barrel on Thursday on the unravelling of the US-Iran ceasefire and an escalation of the regional conflict to neighbouring Yemen and Saudi Arabia. The jump in oil prices pushed up government borrowing costs. The 10-year gilt yield hit 5.11 per cent for the first time since May.