Oil prices hit $100 a barrel for the first time since May as the escalating conflict in the Middle East reignited fears over global energy supplies. Brent crude - the global benchmark for oil prices - rose more than 6% on Thursday following several days of increases as the US stepped up military strikes against Iran. Oil prices had been falling following a temporary ceasefire between the US and Iran. The ongoing conflict risks pushing up inflation for many countries, including UK and the US leading to higher prices for consumers. Higher oil prices typically lead to petrol and diesel becoming more expensive.