For the first time since May, the price of oil reached 100 dollars

Oil prices hit $100 for the first time since May, when the escalating conflict in the Middle East rekindled concerns over global energy supplies.

Brent Crude – the benchmark for global oil prices – rose more than 6% On Thursday, the United States stepped up military strikes against Iran after several days of escalation.

Rising prices have threatened Saudi Arabia’s key export route through the Strait of Hormuz after Houthi militias in Yemen attacked oil tankers in the Red Sea.

Gas prices have also risen steadily over the past month, with the benchmark UK gas price currently at around 150p, up from around 98p at the end of June.

Oil prices have been falling following a temporary ceasefire between the US and Iran.

On February 28, the U.S. and Israel went down to the last level seen before military action against Iran.

However, the cease-fire agreement has failed and this week US Secretary of State Marco Rubio said that those responsible in Iran are “not ready to make a deal”.

The ongoing conflict could raise inflation for many countries, including the UK and the US, leading to higher prices for consumers.

Higher fuel prices typically lead to gasoline and diesel becoming more expensive.

While drivers are directly affected, households may see the cost of other goods, such as food, rise due to higher transportation costs for deliveries to customers.

Inflation in the United Kingdom and the United States has decreased, however Questions remain as to whether the slowdown will be short-lived Due to the renewed conflict in the Middle East.

UK petrol prices have risen by 5p to £1.56 a liter in two-and-a-half weeks.

Diesel costs an average of £1.72 a litre, according to the RAC.

The average price of gasoline in the United States has more than doubled to $4 a gallon, up from $3.92 a month ago, according to the motoring advocacy group AAA.

Newly appointed US Federal Reserve Chairman Kevin Warsh told Congress last week that the central bank has “no patience for persistently high inflation.”

US President Donald Trump has pushed Warsh’s predecessor, Jerome Powell, to cut interest rates.

Trump has made it clear that he expects the U.S. government to meet their demand for lower borrowing costs.

But the Fed kept US interest rates on hold between 3.5% and 3.75% at its first meeting last month. He also told Congress that he was committed to “restoring price stability” after the Middle East conflict affected prices.