Global oil prices breached $100 a barrel and UK gas prices surged as military conflict between the US, Israel, and Iran intensified, worsened by Houthi attacks on Red Sea oil tankers. The breakdown of the temporary ceasefire and rising energy costs are pushing fuel prices higher in the UK and US, sparking fears of renewed inflation across the broader economy. Consequently, central banks like the Bank of England and the US Federal Reserve face increased pressure to maintain higher interest rates, delaying expected rate cuts for consumers and borrowers.