Global oil prices are soaring, but the rise was halted at the $80 mark. At lunchtime, the price of a barrel of North Sea oil was $78.30, compared with just over $70 on Friday.
The unrest that began with Saturday's attack on Iran is taking place in some of the world's largest oil-producing countries. Gas and oil supplies from the region have already been affected by major disruptions, including tankers queuing outside the critical Strait of Hormuz.
Sources told Bloomberg that Saudi Arabia's Ras Tanura refinery has halted production after a drone attack. There were also reports that an oil tanker was hit off the coast of Oman. One person is reported to have died, and an explosion occurred in the engine room.
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