Oil price touches $95 as US-Iran conflict escalates; UK inflation cools faster than expected - business live
Global oil prices rose above $95 per barrel due to escalating tensions between the US and Iran, while UK inflation figures showed a faster-than-expected decline. The article also touches on corporate governance and publishing industry settlements.
Why it matters
Rising oil prices threaten global economic stability and inflation control, while the UK's economic policy shifts reflect ongoing efforts to manage the cost-of-living crisis.
The price of oil has breached the $95 a barrel mark for the first time in six weeks as the escalating Middle East conflict threatens further disruption to global supplies.
The benchmark oil price rose sharply on Wednesday as renewed US-Iran aggression over the strait of Hormuz was compounded by Houthi threats to target vessels carrying Saudi oil through the Bab el-Mandeb strait.
Brent crude peaked at $126 a barrel in April during the conflict but had eased to as low as $71 at the start of July. However, the price has shot up since the war has reignited in recent days and reached $95.24 on Wednesday, before easing to $94.40 by lunchtime, up more than 3% on the previous day.
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