Oil prices soar to highest for more than two years after output cuts

Analysts say prices could rise further, in a move that would put upward pressure on UK inflation

Oil prices jumped to their highest for more than two years on Monday after major producers said output cuts were squeezing supplies.

Brent crude leapt by 2.7% to $58.39 (43.35) a barrel as analysts said prices could rise to levels not seen since 2014, in a move that would put further upward pressure on inflation in the UK. The oil price squeeze has been orchestrated by the Opec oil producers' group but could be exacerbated if Turkey follows through on threats to block supplies from Kurdistan.

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