The benchmark oil price has passed $100 a barrel for the first time since 2022, as the war in the Middle East enters its 10th day.
The rise is likely to further increase petrol prices, and the surge might not stop here.
The UK chancellor, Rachel Reeves, will join an emergency meeting of G7 finance ministers later to discuss the rising oil prices.
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US President Donald Trump says the “short-term” price increase is “a very small price to pay” for world peace.
In Iran, Mojtaba Khamenei, the son of Ayatollah Ali Khamenei, who was killed nine days ago by US-Israeli strikes, has been named the new supreme leader.
“Even the thinnest of chances for a change are no more,” one person in Tehran tells the BBC.
Meanwhile, in Bahrain, 32 people have been injured after an Iranian drone strike, the state news agency said.
