The price of oil continued its seemingly relentless march towards $150 a barrel today, driven by the simmering tensions between Iran and Israel.
The cost of a barrel of US crude hit $143.67 this morning, its highest-ever level. London Brent crude also reached a new peak of $143.81 a barrel. Both have more than doubled in the last twelve months, helping to fuel inflation and spark protests worldwide.
Traders said there are worries that Middle East oil supplies could be disrupted by the growing row between Iran and Israel, and speculation that military action could break out.
On Saturday the commander of Iran's Islamic Revolution Guards ratcheted up the tension by threatening to impose controls on shipping in the Gulf – through which 40% of the world's oil travels – if Israel launched an attack.
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