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.

From the BBC World Service: There have been days of missile strikes between Israel and Iran, and oil markets are responding.

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.