Global oil prices have breached the $100 (£74) a barrel mark for the first time since 2022 as escalating military aggression in the Middle East continues to wipe 20m barrels of oil from the market each day. Brent crude, the international benchmark, climbed 12.2% to $104.05 a barrel as the new week’s trading began in the Asia Pacific markets, the first time that market prices have soared above this key psychological threshold since Russia’s invasion of Ukraine. Prices rose after a weekend of escalating conflict in the Middle East, during which Kuwait’s national oil company announced a “precautionary” cut to
Iran Threatens to Stop Oil From Leaving the Middle East
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