Global inflation fears as oil price rises towards $100 a barrel

Rise of 30% since June follows increasing demand in China and production cuts by Russia and Saudi Arabia

Oil prices are on track to reach $100 a barrel this month for the first time in 2023 after surging by almost 30% since June, after Russian and Saudi Arabian production cuts and rising demand from China.

Brent crude, the oil price benchmark, rose to a 10-month high last week of almost $94 a barrel, up from $72 a barrel at its lowest point in June - heading for its biggest quarterly increase since Russia's invasion of Ukraine.