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The price of oil has hurtled well past the $100 barrier and sits above $106 on Monday morning – a rise in price of well over a third (37 per cent) in the space of a week, something which promises a big impact on people’s finances.
What we refer to as oil is typically the contract price of Brent crude – a global benchmark for pricing of the commodity regardless of its origin. Brent crude comes from the North Sea. Its price rises and falls in line with supply and demand for oil as a whole, not just of its own type.
Rising oil costs will naturally push energy bills higher, but it’s far from just about turning the heating on – hig
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