{"id":285297,"date":"2026-09-09T12:22:28","date_gmt":"2026-09-09T12:22:28","guid":{"rendered":"https:\/\/www.europesays.com\/iran\/285297\/"},"modified":"2026-09-09T12:22:28","modified_gmt":"2026-09-09T12:22:28","slug":"oil-hits-100-a-barrel-as-iran-war-escalates","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/iran\/285297\/","title":{"rendered":"Oil hits $100 a barrel as Iran war escalates"},"content":{"rendered":"

\t\t\tWednesday 09 September 2026 8:44 am
\n\t\t\t\t\t\u00a0|\u00a0\u00a0Updated:\u00a0<\/p>\n

\t\t\tWednesday 09 September 2026 9:27 am\n\t<\/p>\n

\"Wellington\t\tBank of England governor Bailey has warned that energy costs could rise\t<\/p>\n

Oil prices hit $100 per barrel for the first time since July on Wednesday morning as new strikes in the Middle East sparked fresh concerns for global oil supplies.\u00a0<\/p>\n

Brent crude \u2013 the international benchmark for oil prices \u2013 jumped<\/a> more than two per cent, hitting $100 per barrel after making consistent gains from the start of the week.\u00a0<\/p>\n

The latest jump will put fresh pressure on the Bank of England to hike interest rates, analysts have warned.\u00a0<\/p>\n

\u201c$100 is a psychological level that matters for markets,\u201d said Kathleen Brooks, research director at XTB. \u201cIf the oil price rises above this level it will give many central banks no choice but to hike rates, it will increase costs for businesses and consumers and ultimately could weigh on economic growth.\u201d<\/p>\n

US officials said on Tuesday night that it had struck multiple Iranian oil tankers in response to Tehran\u2019s attempted missile attacks on a Nay warship. Earlier in the week, the Iran-backed Houthis attacked several major oil facilities in Saudi Arabia.<\/p>\n

Speaking to MPs on Tuesday, Bank of England governor Andrew Bailey warned<\/a> that energy prices could rise even higher next year if the war in Iran continues.\u00a0<\/p>\n

Bailey said that inflation risks were \u201cto the upside,\u201d warning that energy prices \u201ccould be higher still\u201d due to continued fighting in the Middle East. <\/p>\n

\u201cThe conflict is still going on and it is also causing a high level of energy prices and quite a bit of volatility in energy prices,\u201d Bailey said, adding that turbulence was \u201cfeeding through into financial markets\u201d.<\/p>\n

September gloom clouds FTSE<\/p>\n

The FTSE 100 fell<\/a> on Wednesday morning, as boosts for oil majors BP and Shell failed to outweigh the wider gloom clouding the index.\u00a0<\/p>\n

Richard Hunter, head of markets at Interactive Investor, said: \u201cThe lack of enthusiasm was felt within a broad markdown, with the oil majors being among the few to offer any resistance, alongside Computacenter which gained again after pleasing interim results yesterday which led to a broker upgrade.\u00a0<\/p>\n

\u201cThe rising oil price and air traffic control problems which have affected British Airways left parent International Consolidated Airlines under pressure, while Burberry slumped after a broker downgrade.<\/p>\n

The index has gained 8.6 per cent this year but has suffered losses every day this week. The FTSE is \u201ccaught in a range at present from where there seem few positive catalysts on the immediate horizon,\u201d Hunter said.<\/p>\n

\t\t\t\t\tRead more<\/p>\n

\t\t\tFTSE 100 Live: Stocks fall as oil prices hit $100; Bailey warns inflation risk \u2018on upside\u2019<\/a><\/p>\n

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\t\t\tPeople & Organisations\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"Wednesday 09 September 2026 8:44 am \u00a0|\u00a0\u00a0Updated:\u00a0 Wednesday 09 September 2026 9:27 am Bank of England governor Bailey…\n","protected":false},"author":2,"featured_media":285298,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[3],"tags":[15071,3508,1872,328,1170,1004,3509,34,196,42,261,224],"class_list":["post-285297","post","type-post","status-publish","format-standard","has-post-thumbnail","category-iran","tag-andrew-bailey","tag-bank-of-england","tag-brent-crude","tag-business","tag-economics","tag-inflation","tag-interest-rates","tag-iran","tag-iran-war","tag-news","tag-oil-prices","tag-us-iran-war"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@iran\/117241063442063491","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/285297","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=285297"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/285297\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/285298"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=285297"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=285297"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=285297"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}