The oil price broke above $100 a barrel for the first time in two months, as a fresh escalation of the Middle East conflict threatens to compound disruption to global oil supplies.
The benchmark oil price rose sharply on Thursday, from $95 a barrel the day before, amid fears that Yemen’s Houthi militia could strangle Saudi oil exports through the Red Sea while US-Iran tensions over oil flows through the strait of Hormuz intensify.
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