Oil prices rocket in biggest weekly gain since 2020

• 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

Oil prices rocket in biggest weekly gain for six years as Middle East conflict escalates