The global economy is bracing for a significant shock as crude costs soar to triple digits. With a deepening conflict in the Middle East endangering a fifth of the planet's energy exports, the threat of a prolonged supply crunch is becoming a reality. Markets are now on high alert, while the risk of a major disruption sends oil prices to their highest levels in months.
Sunday evening saw a sharp spike in oil prices as the market opened, with prices briefly rising to $110 (£82.71) as investors weighed the growing impact of regional hostilities on global fuel reserves. Brent, the global oil benchmark, hit a price not seen in nearly 4 years, climbing past $100 (£75.19).
