U.K. inflation cooled a little in May but remained well above the Bank of England’s target, with the rise in oil prices prompted by the conflict between Israel and Iran threatening to keep inflation higher for longer.

By Andy Bruce and William Schomberg (Reuters) -British inflation cooled in May as expected by the Bank of England, which is set to keep interest rates on hold this week while it assesses international energy markets rocked by escalating conflict in the Middle East.

Asian shares were mixed and oil prices advanced Wednesday after the escalation of conflict in the Middle East hit Wall Street. U.S. benchmark crude oil was up 24 cents at $73.51 per barrel. Brent crude,

Asian shares were mixed and oil prices advanced Wednesday after the escalation of conflict in the Middle East hit Wall Street. US benchmark crude oil was up 24 cents at $73.51 per

Oil prices ticked up in early trading on Wednesday after ending the previous session up more than 4% on worries that the Iran-Israel conflict could disrupt supplies.