The benchmark oil price has passed $100 a barrel for the first time since 2022, as the war in the Middle East continues.
The rise is likely to further increase petrol prices – and the surge might not stop here, writes our economics editor Faisal IslamThe UK chancellor, Rachel Reeves, will join an emergency meeting of G7 finance ministers later to discuss oil prices,
US President Donald Trump says the “short term” price increase is a “a very small price to pay” for world peace.
In Iran, Mojtaba Khamenei – the son of Ayatollah Ali Khamenei, who was killed nine days ago by US-Israeli strikes – has been named new supreme leader.
Details later…
