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The Guardian - UK
The Guardian - UK
World
Jillian Ambrose Energy correspondent

Oil price rises above $95 mark as Middle East conflict escalates

Oil Middle East Fatih Birol Hormuz United States Iran IEA
A container ship in the Gulf of Oman.
Shipping has slowed significantly in the strait of Hormuz since US-Iran attacks started again in the waterway. Photograph: AFP/Getty Images

The price of oil has breached the $95 a barrel mark for the first time in six weeks as the escalating Middle East conflict threatens further disruption to global supplies.

The benchmark oil price rose sharply on Wednesday as renewed US-Iran aggression over the strait of Hormuz was compounded by Houthi threats to target vessels carrying Saudi oil through the Bab el-Mandeb strait.

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