The oil price has smashed through the $100 barrier for the first time since Russia’s full scale invasion of Ukraine in 2022.
The price of a barrel of Brent Crude, one of the key global benchmarks for traded oil, surged more than 15% to $108 on Sunday in one of the biggest one day rises on record.
Petrol prices have already jumped on UK forecourts and there are now growing concerns that the oil price spike will quickly feed through to the overall rate of inflation.