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The Guardian - UK
The Guardian - UK
Business
Jillian Ambrose

Oil price rises back above $100 a barrel as energy market may be past ‘point of no return’

Oil United States Hormuz HSBC Iran JP Morgan
Vessels carrying Middle East oil and LNG exit the strait of Hormuz
The shutdown of the strait of Hormuz has cut 14.4m barrels of oil a day from the Gulf’s prewar output. Photograph: Reuters

Oil rose back above $100 a barrel on Tuesday, after fresh US strikes on Iran dashed hopes of a Middle East breakthrough, with experts saying that whatever the outcome of peace talks, the global energy market may now be past the “point of no return”.

News of the US attacks on missile launch sites and mine-laying vessels pushed the price of Brent crude past the key threshold on Tuesday, as a peace deal remained elusive.

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