Oil Price Spike Could Push Up UK Interest Rates on July 30

Oil prices jumped from $71 to over $100 a barrel in July after a US-Iran ceasefire fell apart, settling at $96. Higher oil raises living costs. Analysts George Buckley and El-Erian say the Bank of England may need to raise interest rates — the cost of borrowing money — from 3.75%. UK inflation, the rate at which prices rise, is 2.6%.