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The Guardian - UK
The Guardian - UK
Business
Jillian Ambrose, Joanna Partridge and Richard Partington

Oil passes $100 a barrel again and shares slide as Middle East conflict escalates

Oil Middle East United States Iran
A large cargo ship with a tugboat alongside moves through calm water
A tugboat guiding a ship. Houthis say they targeted two Saudi oil tankers in the Red Sea. Photograph: AFP/Getty Images

The oil price broke above $100 a barrel for the first time in two months as a fresh escalation of the Middle East conflict threatens to compound disruption to global oil supplies.

The benchmark oil price rose sharply on Thursday, from $95 the day before, amid fears that Yemen’s Houthi militia could strangle Saudi oil exports through the Red Sea while US-Iran tensions over oil flows through the strait of Hormuz intensify.

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