Oil prices exceed $100 and impact on the UK economy

Oil prices have surged past $100 per barrel amid ongoing conflicts involving the US, Israel, and Iran, with Brent crude now at $107, the highest since summer 2022. The closure of the Strait of Hormuz, a critical oil trade route, has exacerbated supply concerns, leading to rising gas prices in the UK, which are now the highest in Europe. Experts warn that prolonged tensions could lead to economic repercussions similar to the 1973 oil crisis, with potential shortages and increased panic-buying at petrol stations.

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