Oil prices hit highest point in four years as stock markets tumble

Oil prices blasted past $100 dollars a barrel for the first time in nearly four years overnight, after trading opened in Asia, triggering a global stock market tumble.

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.

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

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