Brent crude hits $40 a barrel as iron ore prices soar by 19%

Metal's highest rise since 2009 on back of China's plans to boost growth as oil prices also continue to recover

Brent crude oil has climbed back above $40 a barrel, as the recovery in commodity prices continued with iron ore posting a record rise of nearly 20%.

Commodities prices have jumped in the last month on expectations that Beijing will work more aggressively to boost growth after two years of faltering manufacturing output.