UK natural gas prices reached their highest level since 2022, rising 4% on Wednesday after the US destroyed five Iranian oil tankers, while Brent crude moved above $100 a barrel for the first time since July. Oil has gained nearly 12% since fresh US attacks on Iran began at the end of August, and European gas prices rose 3.6% to their highest level since January 2023. Storage levels remain weak, at 67% across Europe and 31% in the UK, increasing concern over further disruption and prolonged energy inflation. Goldman Sachs said oil could reach $120, while Brookings Institution economist Robin Brooks argued that Brent at $90-$100 already reflects the disruption in the Strait of Hormuz. Rising energy costs have also pushed borrowing costs higher and increased pressure on John Healey before the Budget.