Oil price approaches $100 a barrel after attacks on Saudi oil facilities – business live
Summary
Oil prices are rising towards $100 a barrel after attacks on Saudi energy facilities by Yemen’s Iran-aligned Houthis. The attacks have disrupted oil production in the region, increasing concerns about inflation and economic stability worldwide.Key Facts
- Brent crude oil price rose above $98 a barrel, the highest since July 24.
- Yemen’s Houthis attacked Saudi energy sites, causing over 70 injuries.
- Saudi Aramco’s refinery in Jizan was targeted in the attacks.
- Iran warned of creating a restricted maritime zone in the Gulf if U.S. economic pressure continues.
- Shipping through the Strait of Hormuz has slowed drastically from 130 to about 7 ships daily.
- Higher oil prices are causing inflation concerns for global economies.
- UK mortgage rates have increased recently due to bond market changes.
- The Bank of England will be questioned on interest rates and inflation impact from the conflict.
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