Brent crude rises by 2% as jump in energy costs stokes fears over inflation and higher interest rates Business live – latest updates The price of oil has risen above $100 a barrel for the first time since July as the escalating conflict in the Middle East threatens further disruption to global supplies. Brent crude, the international benchmark for oil prices, rose 2.1% to over $100 a barrel after tensions stepped up in the Gulf with the Iran-backed Houthis attacking four cities in Saudi Arabia overnight , wounding more than 70 people and setting oil installations ablaze in a significant expansion of the war. Continue reading...