Oil prices surging past $100 a barrel due to Middle East tensions could force the Bank of England to hike rates later this year, despite their current plan to hold at 3.75%. With inflation fears mounting and energy costs spilling into food and transport, economists warn of “second-round effects” that could push the Bank’s monetary policy committee to act — possibly with one or two quarter-point increases — if prices stay elevated. Balancing economic slowdown risks against runaway inflation, the Bank faces mounting public pressure as the dominoes fall.
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