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Oil prices jumped above $100 a barrel after the release of record emergency reserves failed to ease tensions in the market over new missile attacks in the gulf.<\/p>\n
The price of Brent dipped below $90 before rising again after three cargo vessels were hit in the Strait of Hormuz which carries about a fifth of the world\u2019s oil and gas supplies each day. Earlier in the week oil soared above $117.<\/p>\n
The International Energy Agency (IEA) release 400 million barrels of oil in an attempt keep the lid on prices and guarantee supplies.<\/p>\n
Iran has warned against artificially lowering the price of oil and says it expects the price to hit $200.<\/p>\n
UK Energy Secretary Ed Miliband, is working with international allies \u201cto address the disruption in oil markets\u201d.\u00a0<\/p>\n
Chancellor Rachel Reeves is under increased pressure to reverse a planned increase in fuel duty due in September. She told the Commons that the \u201cmost important\u201d thing ministers could do to keep fuel prices down was to help \u201cde-escalate\u201d the conflict.<\/p>\n
Tory leader Kemi Badenoch yesterday asked Sir Keir Starmer how an increase in fuel duty was consistent with the Prime Minister\u2019s pledge to tackle the cost of living.<\/p>\n
He replied that fuel duty was frozen and would be reviewed in September.<\/p>\n
Her forecasts on growth are also being challenged as expectations for higher inflation will almost certainly end the prospect of early cuts in interest rates.<\/p>\n
Two-year gilts recorded rose to 4.01%, their highest level since September.<\/p>\n
The FTSE 100 ended the day 58.47 points, 0.6%, lower at 10,353.77. On Wall Street, the S&P 500 dipped 0.1% and the Dow Jones industrial average was down 0.6?%. Tthe technology-focused Nasdaq Composite edged 0.1% higher.<\/p>\n
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