Experts: Oil prices could rise to historic levels if conflict with Iran continues until the end of April

Such a sharp price increase could lead to a recession, or to changes in consumer behavior that reduce demand, according to oil experts.

During the night on Friday, the price of North Sea oil (Brent) was around $106 per barrel and West Texas Intermediate was $94 per barrel.

The historical record for the price of North Sea oil was set on July 3, 2008, at $147.50 per barrel.