Oil price touches $100 a barrel as energy market may be past ‘point of no return’

Crude rises after US strikes on Iran dampen hopes of peace deal, with experts saying talks appear stuck in ‘endless loop’

• Business live – latest updates

Oil rose back above $100 a barrel on Tuesday, after fresh US strikes on Iran dashed hopes of a Middle East breakthrough, with experts saying that whatever the outcome of peace talks, the global energy market may now be past the “point of no return”.

News of the US attacks on missile launch sites and mine-laying vessels pushed the price of Brent crude past the key threshold on Tuesday, as a peace deal remained elusive.