Oil prices rise above $100 a barrel for first time since July as Iran war escalates

Brent crude rises by more than 2% after latest fire between US and Iran in Gulf and Houthi attacks on Saudi cities

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The price of oil has risen above $100 a barrel for the first time since July as the escalating conflict in the Middle East threatens further disruption to global supplies.

Brent crude, the international benchmark for oil prices, rose 2.1% past the milestone after tensions stepped up in the Gulf amid the latest tit-for-tat exchange of fire between the US and Iran.