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The Guardian - UK

Business

Lauren Almeida

Oil hits five-month high amid fears US will renew strikes on Iran

Oil Iran United States Susannah Streeter Gulf Tehran

A tanker ship sits in the harbour at Port of Fujairah, with a mooring rope in the foreground — Tensions in the region have been rising this week, with Iran claiming to have struck commercial ships in the strait of Hormuz, and Washington ordering some US diplomats to leave Saudi Arabia. Photograph: Amr Alfiky/Reuters

Oil has hit its highest level in more than five months as fears of fresh escalation in the Middle East conflict grip the energy markets.

Brent crude, the international benchmark for oil, rose by 1% on Friday morning to $114.72 a barrel – its highest level since May.

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One subscription that gives you access to news from hundreds of sites

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