Oil prices hit $100 a barrel for the first time since May as the escalating conflict in the Middle East reignited fears over global energy supplies.
Brent crude – the global benchmark for oil prices – rose more than 6% on Thursday following several days of increases as the US stepped up military strikes against Iran.
Prices spiked after Houthi militia in Yemen attacked oil tankers in the Red Sea, threatening a key export route that Saudi Arabia has used to bypass the Strait of Hormuz.
Oil prices had been falling following a temporary ceasefire between the US and Iran.
They dropped back to levels last seen before the US and Israel began military action against Iran on 28 February.
However, the ceasefire has failed and this week US Secretary of State Marco Rubio said the people in charge in Iran were “not ready to make a deal”.
The ongoing conflict risks pushing up inflation for many countries, including UK and the US leading to higher prices for consumers.
Higher oil prices typically lead to petrol and diesel becoming more expensive.
The increase in fuel and energy prices can ripple through the global economy even Samoa, increasing local costs for businesses that is ultimately passed on to consumers through the price of food and household goods.
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