Global oil prices climbed above $100 a barrel for the first time since May as escalating tensions in the Middle East heightened concerns over global energy supplies.

Brent crude, the international benchmark, rose more than 6 percent on Thursday after the United States intensified military strikes on Iran. Prices also surged following attacks by Yemen’s Houthi rebels on oil tankers in the Red Sea, threatening a key shipping route used by Saudi Arabia, reports BBC.

Oil prices had fallen after a temporary ceasefire between the United States and Iran, but renewed fighting has reversed those gains and fueled fears of prolonged supply disruptions.

The rise in crude prices has also pushed up natural gas prices and is expected to increase fuel costs in many countries. Higher energy prices could drive up transportation expenses, leading to higher prices for food and other consumer goods.

Analysts warned that sustained increases in oil prices may complicate efforts by central banks to control inflation, potentially delaying interest rate cuts.

Fuel prices have already begun rising in both the United Kingdom and the United States, reflecting the impact of higher global oil prices.