Brent crude was today above $110 a barrel, despite efforts by the International Energy Agency to ease fears about oil supply disruptions in the wake of Russian sanctions.
The release of 60 million barrels from emergency reserves failed to prevent prices from rising to their highest level in almost eight years.
Fears that these high prices will hit the global economic recovery sent European markets sharply lower yesterday, although the FTSE 100 index is set for a steadier session today.
