The Bank of England has maintained interest rates at 3.75% amid rising oil prices due to the war in Iran and the closure of the Strait of Hormuz. This decision follows similar actions by the US Federal Reserve and Japan's central bank. Oil prices have surged, impacting inflation, which rose to 3.3% in March. Economists anticipate potential future rate increases if the conflict continues. The Bank's quarterly economic projections are expected to reflect higher inflation and lower growth estimates, with Chancellor Rachel Reeves prepared to support households and businesses.