Fears the escalating conflict in Iran is choking off crude supplies triggered the surge in prices.

Benchmark Brent crude, a standard global oil price, soared by 17pc to more than $108 as European markets opened, having at one stage reached nearly $120 dollars, a price not seen since the summer of 2022 and the immediate wake of Russia’s invasion of Ukraine.

News in 90 seconds – March 9th

Over the weekend analysts at Goldman Sachs warned that crude could hit $150 a barrel, if the war becomes prolonged.

That looks increasingly likley, as US President Donald Trump mulled the potential for US ‘boots on the ground,’ and Iran named Mojtaba Khamenei, the hardline…