The price of oil has risen to over $100 per barrel as Boris returns from Saudi Arabia empty-handed.

Brent crude oil is presently trading at $99.84 a barrel, a rise of 1.86 percent. Petrol prices are continue on the rise, with a recent high of 163.71p a litre. Boris Johnson has been unable to achieve an agreement with Saudi Arabia’s and Abu Dhabi’s presidents on an increase in oil exports to the UK. Oil prices reached a 14-year high at one time, but have subsequently fallen significantly as the idea of a ceasefire in Ukraine has been discussed. According to Downing Street, he also stated that the Saudis were “interested” in assisting the West. However, when asked if a deal had been struck, Mr Johnson indicated he wasn’t sure. Mr Johnson was “optimistic that production would grow in the Gulf nations, and that it was in both presidents’ interests to minimise economic harm to the West caused by inflation,” according to the Telegraph.