Storyline
Middle East conflict drives sharp rise in oil prices and UK energy costs
The ongoing war involving Iran has caused Brent crude oil prices to surge by about 50% since early 2026, reaching $94 per barrel, the highest since September 2023.
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- Middle East crisis could push UK inflation back up to 3%, warns OBRguardian_business
- EIA releases latest Short-Term Energy Outlook amid Middle East conflictEIA Press Releases
- How the Iran war may affect your money and billsbbc_science_environment