Global oil prices have surged past $100 per barrel for the first time since 2022 as tensions in the Middle East continue to escalate.
The spike comes amid the ongoing conflict in the region and concerns that instability could disrupt global energy supplies. Analysts warn the increase could lead to higher petrol prices worldwide, putting additional pressure on consumers and economies.
The benchmark rise has prompted urgent international discussions. Rachel Reeves is expected to join an emergency meeting of finance ministers from the Group of Seven to address the situation and its potential economic impact.
Meanwhile, Donald Trump downplayed the price surge, saying the short-term increase is “a very small price to pay” if it contributes to global peace.
In Iran, Mojtaba Khamenei has officially been named the country’s new supreme leader. His appointment follows the death of his father, Ali Khamenei, who was killed during earlier US-Israeli strikes on Tehran that sparked the current conflict.
Residents in Tehran have expressed concern about the future, with some saying hopes for political change have now faded.
Elsewhere in the Gulf region, authorities in Bahrain reported that 32 people were injured after an Iranian drone strike, highlighting the continued spread of violence across the region.
