MoneyMiddle EastOil prices have been soaring in recent weeks after the US-Iran ceasefire deal broke down, with analysts warning of further pain ahead for households due to rising wholesale gas prices15:50, 23 Jul 2026Updated 15:50, 23 Jul 2026Oil prices hit $100 a barrel for the first time since May after the conflict in the Middle East continued to intensify.‌Brent crude rose by 6.9% to $100.6 a barrel shortly before 3pm on Thursday following fresh attacks in the Red Sea. In social media posts, US President Donal Trump accused Yemeni Houthis of shooting at two Saudi Arabian ships and threatened “major military punishment” on both them and Iran.‌Oil prices have been soaring in recent weeks after the US-Iran ceasefire deal broke down, with analysts warning of further pain ahead for households due to rising wholesale gas prices.‌Energy bills shot up by 13% this month and the Ofgem price cap is expected to rise again this winter. The Middle East conflict sent global oil prices soaring as it effectively closed the Strait of Hormuz, which has put major strain on global supplies.About 20% of the world's oil and liquefied natural gas normally passes through the waterway.‌Lucy Smith, senior investment manager at Killik & Co, said: “It’s a stark reminder of how quickly geopolitical tensions can feed into the energy markets.“While this immediate spike is related to the Houthi attack rather than any new significant disruption to physical supply, an escalation in these attacks on any more critical shipping routes – or energy infrastructure – would increase concerns about the reliability of global flows, keeping prices elevated.”Drivers are also paying the price at the pumps, with higher oil costs leading to more expensive fuel. Crude oil is a key ingredient in petrol and diesel.Article continues belowRAC head of policy Simon Williams said: "The average price of diesel has gone up almost 8p (7.62p), or 5%, to 172.14p a litre in the last fortnight while petrol has risen by 5p in two and a half weeks to 155.57p, a 3% increase."All the cuts of the last few months are sadly being reversed, with the price of unleaded now heading back up towards 160p and diesel to a shocking 180p. If petrol was to climb to 160p, it would surpass its Iran war high of 159.53p, seen on 28 May."Unless the renewed conflict is brought to an abrupt end soon, it's looking like UK drivers are going to suffer some stinging summertime pump prices."Choose Daily Mirror as a 'Preferred Source' on Google News for quick access to the news you value.‌Middle EastOil prices