(Bloomberg) When oil jumped above $90 a barrel just days ago, military tensions between Israel and Iran were the immediate trigger. But the rally’s foundations went deeper — to global supply shocks that are intensifying fears of a commodity-driven inflation resurgence.Most Read from BloombergSaudis Scale Back Ambition for $1.5 Trillion Desert Project NeomTurkey Joins NATO Allies in Suspending Europe Arms TreatyRBC Fires CFO Ahn After Probe Into Personal RelationshipMark Zuckerberg’s Wealth Ex
Oil prices slipped on Monday with traders watching out for supply disruption risk in the Middle East following strikes by U.S. and British forces to stop Houthi militia in Yemen from attacking ships in the Red Sea. Brent crude futures fell 31 cents, or 0.4%, to $77.98 a barrel by 0124 GMT after settling up 1.1% on Friday. The benchmarks jumped more than 2% last week to touch their highest intraday levels this year after U.S. and British forces launched dozens of air strikes against Houthi forces in retaliation for months of attacks on Red Sea shipping that the Iran-backed fighters cast as a response to war in Gaza.
need to keep in mind, particularly given that while we have not seen oil price response to date and our expectation is we will not, it is still something to keep in mind because it will have inflationary impacts if we do see a meaningful supply disruption to energy. and a quick look at markets before we go. japan s nick i pushing the highest level in 33 years. that are set for this edition of asia business report. thank you so much for watching! that is it for this addition. bbc news, bringing you different stories from across the uk. at home with the rileys. a new scheme is providing tonight s meal. the nursery sent bags of food home with the children on a friday so we can make a meal with the kids and all help prepare the food, it gets us together
in mind, particularly given that while we have not seen an oil price response to date, and our expectation is we will not, it is still something to keep in mind because it will have inflationary impacts if we do see a meaningful supply disruption to energy. and a quick look at markets before we go. japan s nikkei pushing the highest level in 33 years. as we continue to see that rally there. that is it for this edition of asia business report. we will be back next allah, so join me if you can, but for now, thanks for watching. voice-over: bbc news, - bringing you different stories from across the uk. this agricultural land between wetherby road and the river wharfe could be the site of a new housing development in tadcaster. peter is one of around 300 campaigners against the plan. so this piece of land here covers 35 hectares and gladman developments
that while we have not seen an oil price response to date, and our expectation is that we won t, it is still something to keep in mind because it will have inflationary impacts if we do see a meaningful supply disruption to energy. and a quick look at markets before we go. japan s nikkei is up and doing really well over the last few days after being one of the best performers. that is it. thanks for watching. bbc news, bringing you different stories from across the uk. at home with the rileys. ijust i just told you ijust told you don t mess up my tray. a new scheme is providing tonight s meal. the nursery sent bags of food home with the children on a friday so we can make a meal with the kids and all help