Oil price surges past $100 as conflict in Gulf disrupts shipping and economy

The price of oil has jumped back above $100 a barrel after Iran attacked shipping in the Gulf. This has disrupted a major internet cable project by Meta and sent shockwaves through the global economy, causing stock markets to fall worldwide.

Investors are now betting the U.S. Federal Reserve will cut interest rates less than previously expected because of the surge in fuel prices. The International Energy Agency is reportedly considering releasing emergency oil reserves to try to stabilize the market.