Stock markets plunge after oil surges over $100 a barrel – business live

Rolling coverage of the latest economic and financial news, with oil on track for its biggest daily jump since 2020

• Iran war drives oil prices above $100 a barrel for first time since 2022

Any lingering hope that the Bank of England might cut interest rates this month have been crushed by the surge in oil prices.

The money markets indicate that there is a 99% probability that the BoE leaves rates on hold at its next meeting, on 19 March.