Oil prices have surged past $100 (£74) a barrel to hit their highest level for more than seven years after Russia launched an invasion of Ukraine.
Global shares fell and the price of gold rose as investors worried about the possible impact of the conflict.
Russia is the second biggest exporter of crude oil, and is also the world’s largest natural gas exporter.
The price of oil topped $105 a barrel, and UK motoring groups said petrol prices had hit another record high.
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