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World oil prices have surged as a fresh flare-up between the United States and Iran rattles investors, AFP reports.
As of 1100 GMT (4pm PKT) Brent North Sea Crude is 3.4 per cent at $78.55 a barrel, while West Texas Intermediate is up 3.5pc at $73.92 a barrel.
“While (oil) prices are still not at crisis levels, the creep upwards will ignite fresh inflationary worries and concerns about how far higher interest rates could move,” notes Susannah Streeter, chief investment strategist at Wealth Club.
“That’s being reflected in the bond markets, with yields on gilts and US Treasuries rising.”
