The price of a barrel of Brent crude has soared by more than 42 per cent since US-Israeli strikes on Iran plunged the oil-rich Middle East into war, AFP reports based on market data.

The cost of Brent, the international benchmark for oil, has surged from $72.48 on February 27 to $103.14 at Friday’s close. This also marks an 11pc rise over the week.

The West Texas Intermediate, meanwhile, has rocketed more than 47pc since the start of the conflict, to $98.71.