Oil prices surge as Iran conflict targets energy sites in the Gulf

Oil prices have jumped sharply, hitting $112 a barrel, after Iran expanded its strikes on energy sites in the Gulf region. The attacks on major energy assets have widened the conflict and directly impacted global oil and gas supplies.

This surge in energy costs is having immediate effects. A UK firm reported its weekly fuel bill increased by £64,000 due to the price rise. The situation is also reigniting broader inflation fears, which contributed to mortgage rates climbing to their highest level in over three months.