Oil prices hit $100 for the first time since May
BBC News 2026-07-23 14:50:03
Context: Oil prices have surged to $100 per barrel for the first time since May, driven by escalating tensions in the Middle East, including increased military strikes by the US against Iran and attacks on oil tankers by Houthi militia in Yemen. This development has reignited concerns about global energy supplies. The rising oil prices are expected to impact inflation, leading to higher costs for consumers.
Key Facts
- Brent crude, the global benchmark for oil prices, rose more than 6% on Thursday following several days of increases due to the escalating conflict in the Middle East.
- The US Secretary of State, Marco Rubio, stated that the people in charge in Iran were "not ready to make a deal", indicating a failed temporary ceasefire between the US and Iran that had previously led to a drop in oil prices.
- UK petrol prices have risen by 5p a litre in the space of two-and-a-half weeks to hit almost £1.56, while diesel is at £1.72 a litre, on average, according to the RAC.
- The benchmark UK gas price is currently at around 150p per therm, up from around 98p at the end of June, reflecting a steady increase in gas prices over the past month.
- Average gasoline prices in the US have surpassed $4 a gallon once more, up from $3.92 a month ago, according to motorist advocacy group AAA.