Oil price at three-year high means new pressures for household bills

Forecasts for higher oil costs will be closely watched around the world as central banks monitor rising inflation.

The price of Brent crude has posted three straight weeks of gains. File Picture.

Oil prices rose for a fifth straight day with the price of Brent crude oil at its highest since October 2018 and heading for $80 a barrel amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions.

Brent crude rose $1.43 or 1.8% at $79.52 a barrel, having posted three straight weeks of gains. The equivalent US contract for crude oil added $1.44, or 2%, to $75.42, near its highest since July, after rising for a fifth straight week last week.