Oil prices hit $80 a barrel as fears grow over Red Sea disruption to trade
by Richard Partington Economics correspondent from Economics | The Guardian on (#6HT1Y)
Experts warn of economic impact of sustained shipping attacks and Middle East tensions
Oil prices have hit $80 (62.83) as fears grew about the economic impact of disruption to international trade through the Red Sea and escalating tensions in the Middle East.
Raising concerns about a possible inflation shock for the world economy, Brent crude prices jumped by about 4% to a high of $80.75 a barrel on Friday, while US West Texas Intermediate crude also increased after US and UK airstrikes against Houthi rebel sites in Yemen.
Continue reading...