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Oil and gas prices rise amid Middle East concerns
Oil and gas prices have surged due to escalating conflict in the Middle East, especially amid tensions between the US and Iran, with crude oil exceeding $105 per barrel and natural gas prices rising above 200p per therm. The conflict has led to the closure of the Strait of Hormuz, disrupting supplies and raising concerns about inflation. As energy costs increase, UK government bond yields have reached their highest levels since the late 1990s, indicating rising borrowing costs and potential higher household bills.
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