"Clearly, the longer that oil remains at these levels, expectations of a sustained shock will only grow," Deutsche Bank's Jim Reid said.

"Clearly, the longer that oil remains at these levels, expectations of a sustained shock will only grow," Deutsche Bank's Jim Reid said.

China consumes around 90% of Iran’s oil exports, so could be forced to rely on alternative suppliers – particularly Russia, says Adam Hanieh of the Soas Middle East Institute

Energy prices may jump to all-time highs soon as the Iran war escalates without a ceasefire or a clear victory.