- Warnings have been issued that oil and gas production in the Gulf could be entirely halted in the coming days, amidst escalating conflict in the Middle East.
- Benchmark Brent crude prices have surged by over 25 per cent this week, reaching $94 a barrel, marking the biggest weekly gain in six years.
- Qatar's energy minister, Saad al-Kaabi, cautioned that all Gulf oil and gas exporters might cease production within days, potentially destabilising global economies.
- Concerns are mounting in the UK over a new cost of living crisis, with rising oil prices expected to fuel inflation, increase energy bills, and impact mortgages and food costs.
- Experts predict oil could soon reach $100 a barrel, which could push petrol prices to 150p per litre and further strain UK government borrowing costs.
IN FULL
