Oil prices surged to their highest levels since 2023 due to the Iran war, coinciding with a weak update on the US labour market that highlighted the economy's precarious position.

Sharp increases there are raising worries that a long-term spike could exhaust households’ ability to spend, grind down the global economy and push interest rates higher.

Oil prices surged to their highest levels since 2023 due to the Iran war, coinciding with a weak update on the US labour market that highlighted the economy's precarious position.