Brent oil was quoted at 105.51 dollars a barrel.

Investors also digested UK Chancellor John Healey’s pledge to control public spending ahead of next month’s Budget.

Andrew Bailey discussed interest rates and other ongoing economic pressures in an appearance before Parliament’s Treasury Committee.

European markets declined as investors awaited crucial US inflation stats, while escalating Middle East tensions propelled oil prices upwards, reigniting global inflation fears.…

Brent oil climbed after the US military reported striking five Iranian oil tankers.