Oil Prices Soar to $100 Amid Gulf Tensions: Bahrain Airport Smoke and Iraq Tanker Attacks Unfold

Sir Keir Starmer has issued a stern warning to the government, emphasizing that any profiteering or unfair practices stemming from the recent spike in oil prices will not be tolerated.

The Prime Minister asserted his readiness to intervene if companies exploit the situation to overcharge customers during the ongoing Middle Eastern conflict.

Oil prices have surged following Iran’s retaliatory strikes in response to attacks by the United States and Israel. This escalation has driven up energy costs significantly, causing a sharp increase in home heating oil bills.

During his visit to Northern Ireland today, the Prime Minister highlighted that “global instability has tangible effects on the daily lives of working people across the UK.”

Amid these tensions, threats from Tehran have disrupted the passage of ships through the Strait of Hormuz, a crucial channel for the world’s oil and gas supply.

On Wednesday, the International Energy Agency said it would release 400 million barrels of oil onto global markets, including 13.5 million from the UK, to prevent short-term market disruption.

Prices reached near four-year highs above 100 US dollars a barrel on Monday, before falling on Tuesday as US President Donald Trump signalled the war could soon be over.

Early on Thursday, the price of Brent crude oil – the international benchmark – topped 100 dollars per barrel (£74), while the US crude oil price rose to about 95 dollars (£71) a barrel.