Arabic version: النفط يتجاوز 100 دولار مع تصاعد الصراع في الشرق الأوسط

According to BBC News, Brent crude rose above $100 a barrel for the first time since May as the escalating conflict in the Middle East renewed concerns over global energy supplies. The global oil benchmark gained more than 6% on Thursday after several days of increases as the US stepped up military strikes against Iran.

Prices jumped after Houthi militia in Yemen attacked oil tankers in the Red Sea, threatening an important export route used by Saudi Arabia to bypass the Strait of Hormuz. Oil had previously fallen following a temporary ceasefire between the US and Iran, returning to levels last seen before the US and Israel began military action against Iran on 28 February.

The ceasefire has since failed. This week, US Secretary of State Marco Rubio said those in charge in Iran were “not ready to make a deal”. The continuing conflict could add to inflation pressures in countries including the UK and US, raising costs for consumers as more expensive oil typically pushes up petrol and diesel prices.

UK petrol prices have increased by 5p a litre in two-and-a-half weeks to almost £1.56, while diesel averages £1.72 a litre, according to the RAC. The benchmark UK gas price is around 150p per therm, up from about 98p at the end of June. In the US, average gasoline prices have moved above $4 a gallon again, compared with $3.92 a month earlier, according to AAA.

Higher transport costs can also feed through to prices for other goods, including food, as businesses pass costs on to customers. Inflation has fallen in both the UK and US, but renewed Middle East conflict has raised questions over whether that slowdown will last. Kevin Warsh, the newly appointed chair of the US Federal Reserve, told Congress last week that the central bank had “no tolerance to persistently elevated inflation” and was committed to “restoring price stability”.