How high could oil prices go – and what might the global economic fallout be?

Crude prices could surpass their 2008 record, with potentially dire effects for consumers and businesses

Fears over the global economy have been stoked by the oil price soaring past $100 a barrel as a result of the US-Israel war with Iran.

Economists say the increasing likelihood of a prolonged conflict in the vital energy exporting region could have serious consequences for living standards around the world amid the threat of a renewed inflation shock.