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Evening Standard

Business

Jonathan Prynn

Soaring oil and gas prices threaten new inflation headache for Reeves

Oil Inflation Gas Prices Headache Rachel Reeves Qatar Asia

Fears of a new inflation spike were raised today as oil and gas prices continued to spike as US and Israel stepped up their attacks on Iran.

The price of a barrel of Brent cruse oil from the North Sea surged above the $80 mark. At the time of writing the price was 4% higher at $81.12. The price of a barrel of American West Texas Intermediate also rose 4% to just over $74.

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