oil

The price of oil has broken through $100 a barrel for the first time in almost a year, amid concerns the political turmoil in Egypt could disrupt Middle East supplies.

BP has become the victim of a "shakedown" by US regulators and media as it attempts to resolve claims arising from the 2010 Gulf of Mexico oil spill, according to M&G's Tom Dobell.

UK North Sea oil production represents a key opportunity for UK equity managers as capex increases and production ramps up, according to AXA Framlington's Nigel Thomas.

Oil majors BP and Shell could face hefty fines if they are found to have manipulated the oil price, the UK's energy secretary has warned.

BP has reported an uptick in profits in the first quarter, although profits fell 9% compared to Q1 2012 as the group continues to sell off assets to pay for the Gulf of Mexico oil spill.

Tim Guinness has hiked his 2013 oil price forecast by 10% as he becomes less concerned about the prospect of oversupply in the coming years.

The UK's main inflation rate has remained at 2.7% for the third month in a row, broadly in line with economists' expectations, despite steep rises in energy bills.

US and Asian equity markets rallied overnight as talk of US politicians reaching a deal to avert the fiscal cliff helped sooth investor worries.

Oil giant BP is planning to spend up to £3.7bn in a share buyback, in an attempt to breathe new life into its flagging share price, according to reports.

BP has agreed to pay $4.5bn to settle charges related to the 2010 Deepwater Horizon disaster.