Oil hits five-month high amid fears of fresh strikes on Iran

Oil prices have reached a five-month high, driven by concerns regarding potential new strikes on Iran. This surge in oil and gas prices has occurred throughout the current week, contributing to broader anxieties that elevated inflation will negatively impact global economic growth. Consequently, the FTSE 100 has experienced a slip in value as markets react to the rising energy costs and the associated macroeconomic pressures affecting the international financial landscape and overall economic stability.