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Oil prices are on track for its biggest monthly gain on record for March following the outbreak of war in Iran.
It comes as the war in Iran continues to cause ripples through the market, with Brent crude – the international benchmark for oil prices – soaring over 51 per cent since the start of February.
This rate is topping the 46 per cent notched in September 1990 after Saddam Hussein invaded Kuwait, triggering the first Gulf war.
Sir Keir Starmer is urging Britons to “act as normal” even as the price of oil continues to remain elevated.
The Prime Minister’s spokesman said on Monday that the UK had a “resilient and diverse” supply of energy sources as he played down the prospect of a fuel crisis.
But it came as Brent crude edged up around one per cent and remained comfortably over the $110 mark.
Markets were able to make some advance, however, with the FTSE 100 rising over 1.6 per cent to 10,127.96 led by over two per cent rallies in Shell and BP.
It comes despite major warnings that attacks on energy infrastructure in Iran, Qatar and Kuwait, as well as the blocking of the Strait of Hormuz, could set global economies up for a major supply crisis.
We’ll be bringing you the latest on this and more.
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