Oil prices rose 5% on Thursday as Middle East tensions and a US hurricane threat unsettled energy markets, triggering selling across global stocks and bonds. The increase in crude prices coincided with mounting pressure from higher government borrowing costs.

Brent crude, the international benchmark, reached $105.3 a barrel. Its 5% advance triggered a market reaction that extended beyond energy, with investors selling both equities and bonds rather than confining their response to oil.

The developments brought geopolitical tensions and a weather threat into focus at the same time. Both were identified as drivers of the increase in oil prices, although the available information does not establish how much of the rise was attributable to either factor.

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The distinction between a threat and a confirmed disruption is important. The hurricane risk and Middle East tensions accompanied the price jump, but the information provided does not establish that either had already interrupted oil production or deliveries.

The reported figures show the scale of Brent’s advance and its resulting price. They do not establish whether the move will persist. The immediate picture is of a sharp rise in the international oil benchmark alongside a broader retreat in financial markets.

Alongside the bond-market selling, rising government borrowing costs added a government-financing dimension to the market pressure. Those climbing costs placed further pressure on John Healey as he prepared for his first budget.

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Healey is preparing to deliver his first budget on 28 October. Higher government borrowing costs place additional pressure on those preparations, bringing the movement in debt markets into focus ahead of the scheduled announcement.

The available figures do not quantify the increase in borrowing costs or the extent of the stock-market losses. They therefore support a picture of broad market selling, but not a numerical comparison between the decline in equities, the decline in bonds and Brent’s rise.

Healey’s budget is a scheduled fiscal milestone on 28 October. Ahead of it, Thursday’s trading brought an oil-price jump that triggered broad market selling, while rising government borrowing costs added pressure on budget preparations.