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The Guardian - UK

Business

Lauren Almeida and Mark Sweney

Oil prices rise above $100 a barrel for first time since July as Iran war escalates

Iran Oil United States Gulf

Oil, gas and fuel storage units at the Navigator Terminal in Grays, UK — Oil and gas prices have jumped since the US-Israeli attacks on Iran. Photograph: Neil Hall/EPA

The price of oil has risen above $100 a barrel for the first time since July as the escalating conflict in the Middle East threatens further disruption to global supplies.

Brent crude, the international benchmark for oil prices, rose by more than 3% to top $101 after tensions increased in the Gulf amid the latest tit-for-tat exchange of fire between the US and Iran.

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