Oil prices rise and fall as markets react to conflict in Iran

Oil prices have been volatile, with the price of Brent crude on the ICE exchange falling by more than 1.8% at one point but also rising above $100 per barrel. This movement is linked to a conflict in Iran, which has raised concerns about global oil supplies.

In response, the UK government says it is ready to support a release from global strategic oil reserves to help stabilize the market. Analysts at Standard Chartered predict that oil prices will remain elevated for an extended period.