Israel Iran War · 7 March 2026

Crude oil prices rise 27% due to Gulf conflict

Conflict in the Gulf is creating price increases, impacting markets for energy, fuel, and food worldwide. Crude oil prices climbed from $63 a barrel on Tuesday to $94 by Friday, while UK gas reached £1.35 a therm. The Bank of England may now hold off on interest rate reductions, and lenders are adjusting home mortgage rates.

By BriefTea Editorial · 7 March 2026 at 10:11

Reported by BBC · How we write briefs

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