Business
Oil, gas and borrowing costs surge as fears over Middle East escalate
The price of oil jumps to $105 a barrel amid signs the Iran war will not be resolved quickly.
BBC Business•
Energy prices have been rising sharply amid signs the conflict in the Middle East will not be resolved quickly, fuelling fears that inflation could accelerate.
With the conflict between the US and Iran in the Gulf intensifying in recent days, the cost of crude oil has risen sharply. It went above $100 a barrel on Wednesday and hit $105 on Thursday.
The war has led to the effective closure of the Strait of Hormuz, preventing supplies of oil and gas from the Gulf from reaching global markets.
Storage levels in Europe are much lower than normal for the time of year, and the need to fill reserves ahead of the winter has helped to push up prices.