Oil prices climbed to $100 a barrel for the first time since May, as the escalating conflict in the Middle East reignited fears over global energy supplies. This matters because sustained high oil and gas prices could feed through into higher inflation and energy bills for households and businesses, at a time when the conflict between the US, Israel and Iran shows no sign of easing.

Brent crude, the global benchmark, rose more than 5% on Thursday after several days of gains, driven by intensified US military strikes against Iran and attacks by Houthi militia on oil tankers in the Red Sea, a route Saudi Arabia uses to bypass the Strait of Hormuz. Iran's Revolutionary Guards said three tankers had abandoned attempts to pass through Hormuz after an explosion set one ablaze, while UK gas prices have also risen steadily, from around 98p per therm on 26 June to about 150p now. A temporary US-Iran ceasefire has collapsed, with Secretary of State Marco Rubio saying Iran's leadership was "not ready to make a deal".