Oil prices has soared to a four-year high of nearly $120 a barrel on the back of the deepening Middle East war.
Wholesale gas prices have also spiked again, fuelling fears of an energy crisis that could drive up costs for households, businesses and governments.
Stock markets in Asia have also tumbled as the conflict’s fall-out worsened. All eyes are turning to what happens in Europe, including London, when markets open.
Chancellor Rachel Reeves will join an emergency meeting of G7 finance ministers later today to discuss oil prices. US President Donald Trump has said the price hikes are a “a very small price to pay” for world peace
Oil prices eased from an even bigger jump on Monday but are still up more than 15% at levels not seen since mid-2022 as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding US-Israeli war with Iran.
Brent crude is trading at $108.20 a barrel by early morning – on track for the biggest-ever jump in a single day.
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