Oil prices hit $80 a barrel as fears grow over Red Sea disruption to trade

A Houthi helicopter flies over a cargo ship in the Red Sea. Photograph: Houthi Military Media/Reuters

Oil prices have hit $80 (£62.83) as fears grew about the economic impact of disruption to international trade through the Red Sea and escalating tensions in the Middle East.

Raising concerns about a possible inflation shock for the world economy, Brent crude prices jumped by about 4% to a high of $80.75 a barrel on Friday, while US West Texas Intermediate crude also increased after US and UK airstrikes against Houthi rebel sites in Yemen.