Oil at $100: The Price That Changes Everything for the UK

Brent crude crashed through $100 a barrel on Wednesday morning for the first time since July, propelled by escalating US-Iran strikes and Houthi attacks on Saudi refineries. Bank of England governor Andrew Bailey told MPs the risks to UK inflation are "on the upside" — the central bank's ominous code for "we might have to raise rates again." The Strait of Hormuz remains largely choked, and markets are pricing in up to three rate hikes over the next twelve months.

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