The oil price is climbing back towards the $100 a barrel milestone, after new missile strikes in the Middle East today. Brent crude, the international benchmark, has jumped by 4.8% to $97.60 a barrel, after Iran launched missiles at Israel on Sunday in response to Israeli strikes on Beirut’s southern suburbs.
With the fragile ceasefire in the Middle East shattering, hopes that the strait of Hormuz could be reopened, allowing energy flows from the region to resume, are being dashed. Israel strikes Iran despite Trump plea as Middle East crisis threatens to escalate.
