Oil prices topped $84 a barrel for the first time in three years as the energy crisis gripping major economies intensified.
Brent crude rose as high as $84.60 in London – a level not seen since October 2018.
The US benchmark, West Texas Intermediate, traded above $81 a barrel, its highest since late 2014.
Oil rise: The price of a barrel of Brent crude rose as high as $84.60 in London yesterday – a level not seen since October 2018
‘Oil prices are likely to continue climbing in the short term,’ said Carsten Fritsch, analyst at German bank Commerzbank.
That spells further bad news for motorists as oil pushes the price of petrol and diesel ever higher.
Oil prices have risen as more vaccinated populations are brought out of coronavirus lockdowns, supporting a revival in economic activity.
The pace of economic recovery combined with cold weather have increased the demand for energy.
Prices for coal, gas and electricity have also surged to record highs in recent weeks, driven by widespread energy shortages in Asia, Europe and the United States.
In India, some states are experiencing electricity blackouts because of coal shortages.
China’s government, meanwhile, has ordered miners to ramp up coal production as power prices surge.
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